How Are South Jordan, UT Car Loan Rates Determined?
Various factors influence your Utah car loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in South Jordan could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My South Jordan Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in South Jordan, UT. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most auto loans in South Jordan have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, boosting your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. 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 snag a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in South Jordan, UT — even if you don't have the highest income or best credit. You don't want to 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 another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in South Jordan, UT with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in South Jordan, UT regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and head to your South Jordan dealer to purchase a new ride. Apply today to see the current lowest interest rates!