Getting a Low California Auto Loan Rate
Time for some new wheels? Typically, if you are buying a used car versus a new car in California, auto loan rates will be a little higher (up to 1% more). So, how can you determine how much you’ll be paying for an auto loan?
What Factors Affect your Car Loan
Auto loan companies are looking at the value of the car, and your ability to make payments back to them in a timely manner. If you are purchasing a car in good condition or a new car, these companies can offer desirable and competitive loan rates because if a borrower does not make payments their payments, then the company can take back the car and try to sell it to get their money back.
California Auto Loan Rates
The terms of your auto loan can also affect the interest rates. If you choose a 36-month repayment term, you are more likely to get lower interest rates. If you choose a longer term, not only can your interest rates be higher, but you will pay more interest on your auto loan in the long term. That’s why it’s imperative to shop around for the best deal.
California Banking Rates will match you with a lender that wants to work with you, and understands your credit rating. By working with the right company, you can secure a low interest rate auto loan.