How Are Swarthmore, PA Auto Loan Rates Determined?
A handful of factors affect your Pennsylvania car loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Swarthmore dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Swarthmore, PA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Swarthmore, PA. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most car loans in Swarthmore have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see what might be affordable.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 all worth it for getting those lower auto loan rates in Pennsylvania.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Swarthmore, 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 could be right around the corner. And, 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 Swarthmore, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Swarthmore, PA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Swarthmore dealer to purchase a new ride. Apply today to see the current lowest interest rates!