How Are Statesboro, GA Car Loan Rates Determined?
Several factors impact 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Statesboro could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Statesboro, GA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Statesboro, GA. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most Statesboro car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically 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 better 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 might work for your budget.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it to get those lower Georgia car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider 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 Statesboro, GA — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders leave room 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.
Find the Best Auto Loan Rates in Statesboro, GA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Statesboro, 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. Fill out our secure online application, select the best loan for you, and head to your Statesboro dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!