How Are Car Loan Rates in Lagrange, GA Calculated?
Many factors affect your Georgia car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, 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 Lagrange dealer could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Lagrange, GA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Lagrange, GA. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most Lagrange auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it for those lower Georgia auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Lagrange, 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. Keep in mind some lenders allow 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.
Discover the Best Auto Loan Rates in Lagrange, GA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lagrange, 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 right deal. Simply complete our secure online application, choose the best loan for you, and head to your Lagrange dealer to purchase a new ride. Apply today to see the current lowest interest rates!