How Are Car Loan Rates in Whitehall, PA Calculated?
Various factors impact your Pennsylvania auto loan interest 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, low credit score, or purchasing an older car from a dealer in Whitehall might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Whitehall Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Whitehall, PA. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you can control. Most car loans in Whitehall have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also 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 what your monthly payments might look like with different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Pennsylvania auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Whitehall, PA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Whitehall, PA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Whitehall, 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 best deal. Complete our secure online application, choose the best loan for you, and visit your Whitehall dealer to purchase a new car. Apply now to see today's lowest interest rates!