How Are Bettendorf, IA Auto Loan Rates Determined?
Many factors influence your Iowa auto loan rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Bettendorf dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Bettendorf, IA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Bettendorf, IA. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Bettendorf auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, boosting your score could 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. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Iowa auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Bettendorf, IA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Bettendorf, IA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Bettendorf, IA 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 get the right deal. Fill out our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!