How Are Car Loan Rates in Woods Cross, UT Calculated?
Many factors affect your Utah car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Woods Cross could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Woods Cross, UT?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Woods Cross, UT. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Woods Cross auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease your interest rate. 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 may take some more time and work, but it'll be worth it once you see those lower Utah auto loan rates.
Taking the time to hunt down 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. Shopping around and comparing offers will help you find the best auto loan rate in Woods Cross, UT — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Woods Cross, UT with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Woods Cross, UT regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Woods Cross to purchase a new ride. Don't wait to apply and check today's lowest interest rates!