What Determines Your Auto Loan Rate in Roswell, GA?
Various factors impact your Georgia car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Roswell might lead to a higher interest rate. But is a high interest rate so 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 just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Roswell, GA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Roswell, GA. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most Roswell car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you determine what you can afford.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, 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 take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Roswell, 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. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Roswell, GA
myAutoloan is committed to helping you find the lowest auto loan rates in Roswell, 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, choose the best loan for you, and head to your Roswell dealer to purchase a new ride. Apply now to check today's lowest interest rates!