What Determines Your Auto Loan Rate in Berryville, AR?
Several factors contribute to your Arkansas car loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Berryville could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Berryville, AR?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Berryville, AR. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most car loans in Berryville have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers 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, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, boosting 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 will take some effort and time to build, but it'll be worth it once you see those lower Arkansas auto loan rates.
Putting effort into finding the right lender can also help you snag 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 compare offers and shop around for the best auto loan rate in Berryville, AR — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, 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 Berryville, AR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Berryville, AR regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Berryville to purchase a new ride. Apply now to see today's lowest interest rates!