How Are Orem, UT Auto Loan Rates Determined?
Various factors impact your Utah car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Orem could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Orem, UT?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Orem, UT. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most car loans in Orem have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Utah auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Orem, UT — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Orem, UT
myAutoloan is here to help you get the lowest auto loan rates in Orem, UT no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!