How Are Car Loan Rates in Sandy, UT Calculated?
A handful of factors contribute to your Utah auto 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Sandy dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Sandy, UT?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Sandy, UT. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one element you have total control over. Most auto loans in Sandy 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 usually 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you determine what might work for your budget.
If you have less than ideal credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Utah.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Sandy, UT — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders will negotiate, 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 Sandy, UT with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Sandy, UT regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and head to your Sandy dealer to purchase a new ride. Apply now to see today's lowest interest rates!