How Are Salt Lake Cty, UT Car Loan Rates Determined?
Many factors impact your Utah car loan interest 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 poor credit score, low income, or buying an older vehicle from a dealer in Salt Lake Cty could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Salt Lake Cty, UT?
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 Salt Lake Cty, UT. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most Salt Lake Cty car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also 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 shows what your monthly payment might be with different terms and interest rates to help you decide what might work for your budget.
If your credit is less than stellar, increasing 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 which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Utah car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Salt Lake Cty, UT — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Salt Lake Cty, UT with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Salt Lake Cty, UT no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!