How Are Athens, GA Car Loan Rates Determined?
Several factors affect 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, low credit score, or purchasing an older car from a dealer in Athens could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Athens Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Athens, GA. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most auto loans in Athens are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford 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 figure out what you can afford.
If your credit is less than stellar, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Georgia auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Athens, GA — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. Plus, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Athens, GA
myAutoloan is committed to helping you find the lowest auto loan rates in Athens, GA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Athens to purchase a new ride. Apply now to see today's lowest interest rates!