How Are Union City, GA Car Loan Rates Determined?
Many factors affect your Georgia auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, 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 Union City dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Union City, GA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Union City, GA. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most Union City car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, increasing 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's worth it for those lower Georgia auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Union City, GA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Union City, GA
myAutoloan is dedicated to helping you find the lowest car loan rates in Union City, 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 right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Union City dealer to purchase a new ride. Apply today to see the current lowest interest rates!