How Are Somerset, PA Auto Loan Rates Determined?
Various factors affect 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 Somerset dealer could result in 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 in total. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Somerset, PA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Somerset, PA. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one thing you can control. Most Somerset car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you determine what might work for your budget.
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 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 the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Somerset, PA — even if you don't have 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. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Somerset, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Somerset, PA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Somerset dealer to purchase a new car. Apply now to see today's lowest interest rates!