How Are Decatur, GA Auto Loan Rates Determined?
Several factors affect your Georgia car loan 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 Decatur dealership could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, 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 spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Decatur, GA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before having to apply for a car loan in Decatur, 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 aspect you have a lot of control over. Most car loans in Decatur 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 estimates what your monthly payment could be based on different interest rates and terms to help you determine what might work for your budget.
If you have less than stellar credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it 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.
Taking some time 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. Shopping around and comparing offers will help you find the best auto loan rate in Decatur, 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 there could be a better one right around the corner. Don't forget 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 Decatur, GA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Decatur, GA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Decatur to purchase a new ride. Apply now to check today's lowest interest rates!