What Determines Your Auto Loan Rate in Lithia Springs, GA?
Several factors contribute to your Georgia car loan interest rate, including your credit score, the amount of the loan, your income, 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 Lithia Springs dealer could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Lithia Springs, GA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Lithia Springs, GA. If you've supplied 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 can change on your own. Most Lithia Springs auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you can afford.
If you have less than ideal credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it'll be worth it once you see those lower Georgia auto loan rates.
Taking the time to hunt down 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. It's important to shop around and compare offers to find the best car loan rate in Lithia Springs, GA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Lithia Springs, GA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Lithia Springs, GA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and head down to a dealer in Lithia Springs to purchase a new ride. Don't wait to apply and check today's lowest interest rates!