How Are Car Loan Rates in Albertville, AL Calculated?
Many factors impact your Alabama car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Albertville dealership could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Albertville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Albertville, AL. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most car loans in Albertville have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Alabama.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Albertville, AL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Albertville, AL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Albertville, AL 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 secure online application, pick the loan that works best for you, and head down to a dealer in Albertville to purchase a new ride. Apply now to see today's lowest interest rates!