How Are Sewickley, PA Car Loan Rates Determined?
A handful of factors affect your Pennsylvania auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Sewickley might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Sewickley, PA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Sewickley, PA. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Sewickley car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Pennsylvania car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Sewickley, PA — even without the best credit or income. You shouldn't go with the first offer you receive 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 the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Sewickley, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Sewickley, PA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the best loan for you, and head to your Sewickley dealer to purchase a new ride. Apply now to see today's lowest interest rates!