How Are Car Loan Rates in Wilkes Barre, PA Calculated?
Several factors influence your Pennsylvania auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Wilkes Barre dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Wilkes Barre, PA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Wilkes Barre, PA. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most car loans in Wilkes Barre have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for 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 terms and interest rates to help you see what you might be able to afford.
If your credit is far from great, improving your score could decrease 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 to bring it up fast. It may take some effort and time to increase 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 secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Wilkes Barre, 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. And, some lenders allow 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 Wilkes Barre, PA
myAutoloan is committed to helping you find the lowest auto loan rates in Wilkes Barre, PA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, pick the loan that works best for you, and visit your Wilkes Barre dealer to purchase a new car. Apply now to see today's lowest interest rates!