What Determines Your Auto Loan Rate in Zionsville, IN?
A handful of factors impact your Indiana 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 poor credit score, low income, or buying an older vehicle from a dealer in Zionsville could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Zionsville, IN?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Zionsville, IN. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most Zionsville auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also 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 what your monthly payments might look like with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, improving your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your 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 Indiana car loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Zionsville, IN — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders leave room 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 Zionsville, IN
myAutoloan is here to help you get the lowest auto loan rates in Zionsville, IN no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Zionsville dealer to purchase a new car. Apply now to see today's lowest interest rates!