How Are Gainesville, GA Car Loan Rates Determined?
A handful of factors impact your Georgia car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Gainesville could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Gainesville, GA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Gainesville, 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 aspect you can change on your own. Most car loans in Gainesville have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what might work for your budget.
If you have less than stellar credit, 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 today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Georgia auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Gainesville, GA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders leave room 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 Gainesville, GA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Gainesville, GA no matter your credit score or 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 simple and secure online application, select the best loan for you, and visit your Gainesville dealer to purchase a new car. Apply now to check today's lowest interest rates!