What Determines Your Auto Loan Rate in Wexford, PA?
Several factors affect your Pennsylvania auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Wexford might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Wexford, PA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Wexford, PA. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can control. Most Wexford auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what you might be able to afford.
If you have less than ideal credit, increasing 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. Your credit score may take some more time and work, 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 take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Wexford, PA — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Wexford, PA
myAutoloan is here to help you get the lowest auto loan rates in Wexford, 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 find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Wexford dealer to purchase a new ride. Apply now to check today's lowest interest rates!