How Are Slatington, PA Car Loan Rates Determined?
Several factors contribute to your Pennsylvania auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Slatington dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, 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 overall.
Can I Lower My Car Loan Rate in Slatington, PA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Slatington, PA. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most car loans in Slatington have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what you might be able to afford.
If your credit is less than stellar, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Pennsylvania auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Slatington, PA — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Slatington, PA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Slatington, PA regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and visit your Slatington dealer to purchase a new car. Apply today to see the current lowest interest rates!