How Are Car Loan Rates in Atlanta, GA Calculated?
Various factors contribute to your Georgia car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Atlanta dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Atlanta, GA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Atlanta, GA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most Atlanta car loans have terms in 12-month intervals ranging from 24 months (2 years) to 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 afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, raising your score could bring your interest rate down. 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 all worth it for getting those lower auto loan rates in Georgia.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, 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 Atlanta, GA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Don't forget 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.
Find the Best Auto Loan Rates in Atlanta, GA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Atlanta, GA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Atlanta dealer to purchase a new ride. Apply now to see today's lowest interest rates!