How Are South Hills, PA Auto Loan Rates Determined?
Various factors affect your Pennsylvania auto loan rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your South Hills dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month 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.
Is There a Way to Lower My South Hills Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in South Hills, PA. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most South Hills auto 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you decide what might work for your budget.
If your credit is less than stellar, 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 the steps you can take now to raise it quickly. 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in South Hills, PA — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in South Hills, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in South Hills, PA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your South Hills dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!