How Are Car Loan Rates in Reno, PA Calculated?
A handful of factors impact your Pennsylvania auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Reno dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Reno Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Reno, PA. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most auto loans in Reno have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Pennsylvania car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Reno, PA — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Reno, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Reno, PA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your Reno dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!