How Are Car Loan Rates in Clarksville, IN Calculated?
Several factors impact your Indiana auto 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 Clarksville might lead to a higher interest rate. But is a high interest rate so bad? 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. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Clarksville, IN?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Clarksville, IN. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most auto loans in Clarksville 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you might be able to afford.
If you have less than stellar credit, increasing 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 today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Indiana auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, 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 Clarksville, IN — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget 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 Clarksville, IN
myAutoloan is here to help you get the lowest auto loan rates in Clarksville, IN 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 get the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Clarksville dealer to purchase a new car. Apply now to see today's lowest interest rates!