How Are Car Loan Rates in Waycross, GA Calculated?
Many factors influence your Georgia auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Waycross dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Waycross, GA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Waycross, GA. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Waycross auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, increasing 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 the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Georgia auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Waycross, GA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Waycross, GA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Waycross, GA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Waycross dealer to purchase a new ride. Apply now to see today's lowest interest rates!