#auto loan rates
What Affects San Antonio Auto Loans?
There are many factors that guide what type of rates you ll be offered by lenders. Some factors are within your control, but others are not; here s a basic rundown of what you can expect to influence your offered San Antonio auto loan rate .
Financial institution: As noted previously, larger financial institutions do not have to compete for your business, so they have no incentive to have you borrow through them. Credit unions and local banks, however, are established to help underserved residents and small businesses keep costs low.
Automobile: The vehicle you buy also impacts your San Antonio auto loan rate. Depending on whether it s a new car or used, or if you re buying a motorcycle or RV this can cause you to receive varying rates. Some institutions offer different range rates depending on this factor alone.
Term: The lowest auto loan rates in San Antonio are usually offered on shorter terms (i.e. you have less time to repay the loan). This keeps the risk of lending to you lower for the lender, so if you can afford it, paying off a loan sooner than later is always better.
Credit Score: Your credit score informs lenders how trustworthy you are on keeping good on your loan payment. Bad credit scores end up with less than ideal interest rates, as lenders are taking a bigger risk by lending the funds.
Our Featured San Antonio Auto Loan Rates