What Determines Your Auto Loan Rate in Oneonta, AL?
A handful of factors influence your Alabama car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Oneonta dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Oneonta Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Oneonta, AL. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Oneonta car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it'll be worth it once you see those lower Alabama auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Oneonta, AL — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Oneonta, AL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Oneonta, AL no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and visit your Oneonta dealer to purchase a new car. Apply today to see the current lowest interest rates!