How Are Bentonville, AR Car Loan Rates Determined?
A handful of factors impact your Arkansas auto loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Bentonville dealer could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Bentonville, AR?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Bentonville, AR. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most auto loans in Bentonville have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what you can afford.
If you have less than ideal credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Arkansas.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Bentonville, AR — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Bentonville, AR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Bentonville, AR regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the best loan for you, and head to your Bentonville dealer to purchase a new ride. Apply now to check today's lowest interest rates!