How Are Duluth, GA Auto Loan Rates Determined?
Many factors contribute to your Georgia car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Duluth dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Duluth, GA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Duluth, GA. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most car loans in Duluth have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers 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, it's wise 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 might work for your budget.
If your credit is less than stellar, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. 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.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use 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 Duluth, GA — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Duluth, GA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Duluth, GA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Duluth dealer to purchase a new car. Apply today to see the current lowest interest rates!