How Are Savannah, GA Car Loan Rates Determined?
Many factors affect your Georgia auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Savannah could lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Savannah Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Savannah, GA. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you can change on your own. Most Savannah car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually have 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you determine what you might be able to afford.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, 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 snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Savannah, GA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, 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.
See the Best Auto Loan Rates in Savannah, GA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Savannah, GA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Savannah to purchase a new ride. Apply today to see the current lowest interest rates!