How Are Russellville, AR Car Loan Rates Determined?
Several factors influence your Arkansas car loan rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Russellville could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Russellville, AR?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Russellville, AR. If you've filled out 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 change on your own. Most car loans in Russellville are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract 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, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide 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 walks you through what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower Arkansas auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Russellville, AR — 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 might be waiting just around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Russellville, AR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Russellville, AR regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Russellville dealer to purchase a new ride. Apply now to see today's lowest interest rates!