What Determines Your Auto Loan Rate in State College, PA?
Various factors influence your Pennsylvania car loan rate, including the loan amount, your credit score, 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 State College could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in State College, PA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in State College, PA. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most State College auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what might be affordable.
If you have less than stellar credit, raising your score could bring your interest rate down. 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 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 get a lower rate. While lenders will use 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 State College, PA — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in State College, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in State College, PA no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in State College to purchase a new ride. Apply today to see the current lowest interest rates!