What Determines Your Auto Loan Rate in West Valley City, UT?
Several factors influence your Utah car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in West Valley City could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in West Valley City, UT?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in West Valley City, UT. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most car loans in West Valley City 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. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you determine what might be affordable.
If your credit is far from great, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it for those lower Utah auto loan rates.
Waiting 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. Shopping around and comparing offers will help you find the best auto loan rate in West Valley City, UT — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, 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.
See the Best Auto Loan Rates in West Valley City, UT with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in West Valley City, UT 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 right deal. Fill out our secure online application, pick the loan that works best for you, and visit your West Valley City dealer to purchase a new car. Apply now to see today's lowest interest rates!