How Are Car Loan Rates in Buford, GA Calculated?
Many factors impact 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, low credit score, or purchasing an older car from a dealer in Buford might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the term 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 Buford, GA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Buford, GA. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most auto loans in Buford 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 typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what you can afford.
If you have less than ideal credit, boosting your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's worth it to get those lower Georgia car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Buford, GA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Buford, GA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Buford, GA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, pick the loan that works best for you, and visit your Buford dealer to purchase a new car. Apply now to check today's lowest interest rates!