What Determines Your Auto Loan Rate in Griffin, GA?
Various factors influence your Georgia auto loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Griffin dealership could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes 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 you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Griffin, GA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Griffin, GA. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most auto loans in Griffin have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what might be affordable.
If your credit is less than stellar, improving your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your 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 some time to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Griffin, GA — even without the best credit or income. 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 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.
See the Best Auto Loan Rates in Griffin, GA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Griffin, GA regardless of your credit score and the type of car you're buying. We'll show you 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 head down to a dealer in Griffin to purchase a new ride. Apply now to check today's lowest interest rates!