How Are Car Loan Rates in Stroudsburg, PA Calculated?
Several factors influence your Pennsylvania car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Stroudsburg could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, 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.
Is There a Way to Lower My Stroudsburg Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Stroudsburg, PA. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most Stroudsburg car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what might work for your budget.
If your credit is less than stellar, improving your score could decrease your interest rate. 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 time and work to better your credit score, but it'll be worth it once you see those lower Pennsylvania auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will consider 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 Stroudsburg, PA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get 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 another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Stroudsburg, PA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Stroudsburg, PA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!