How Are Baton Rouge, LA Car Loan Rates Determined?
Many factors impact your Louisiana auto loan interest rate, including your income, your credits core, the loan amount, 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 Baton Rouge could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is 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 overall.
Can I Lower My Car Loan Rate in Baton Rouge, LA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Baton Rouge, LA. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most auto loans in Baton Rouge are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to 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 payment might be depending on different interest rates and terms to help you decide what you can afford.
If you have less than stellar credit, raising 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 the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Louisiana.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Baton Rouge, LA — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Plus, 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.
Find the Best Auto Loan Rates in Baton Rouge, LA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Baton Rouge, LA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Baton Rouge to purchase a new ride. Apply now to check today's lowest interest rates!