How Are Marietta, GA Auto Loan Rates Determined?
Various factors affect your Georgia auto loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Marietta might 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 is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
Is There a Way to Lower My Marietta Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Marietta, GA. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most Marietta auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you decide what you can afford.
If your credit is far from great, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 to get those lower Georgia car loan rates.
Taking some time to find the right lender can also help you secure 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 shop around and compare offers to find the best auto loan rate in Marietta, GA — even without a high income or credit score. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Marietta, GA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Marietta, GA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and visit your Marietta dealer to purchase a new car. Apply today to see the current lowest interest rates!