How Are Car Loan Rates in Alpharetta, GA Calculated?
A handful of factors contribute to your Georgia auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, 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 Alpharetta dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Alpharetta, GA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Alpharetta, GA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most Alpharetta auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart 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 determine what might work for your budget.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Georgia auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Alpharetta, GA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get 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 the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Alpharetta, GA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Alpharetta, GA no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Fill out our secure online application, choose the best loan for you, and visit your Alpharetta dealer to purchase a new car. Apply now to check today's lowest interest rates!