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What affects APR on a car loan?
I’m trying to understand if I can adjust my APR or work to change it. What are my options? What affects it?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Understanding loan terms and agreements can be difficult, but don’t worry! You can adjust your APR in a couple of different ways.
Some things that affect your APR are:
- Credit score
- Debt (paying off debt changes your Debt to Income ratio)
- The loan amount
Having a higher credit score or a shorter loan term can reduce your APR and the additional fees you’ll pay over the life of your loan. If your credit score isn’t great or you’re unhappy with your APR, you always have the option to refinance your car loan. An easy way to do this is with the
Jerry
app. We’ll compare your options and try and get you a better deal so that you’re paying less in the long run.”View full answer
- Gregory R.
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