What Determines Your Auto Loan Rate in Washington, PA?
Several factors contribute to your Pennsylvania auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Washington dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Washington, PA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Washington, PA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most auto loans in Washington have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely 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 estimates what your monthly payment could be with different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better 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 achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Washington, PA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind 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 Washington, PA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Washington, 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, pick the loan that works best for you, and head down to a dealer in Washington to purchase a new ride. Apply today to see the current lowest interest rates!