How Are Augusta, GA Car Loan Rates Determined?
Several factors affect your Georgia auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Augusta could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My Augusta Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Augusta, GA. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you can control. Most Augusta auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you see what might work for your budget.
If your credit is less than stellar, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Georgia auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Augusta, GA — even if you don't have the highest income or best credit. You shouldn't automatically 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 next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Augusta, GA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Augusta, GA 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 perfect loan. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!