How Are Crowley, LA Car Loan Rates Determined?
Several factors affect your Louisiana car loan interest rate, including your credit score, the amount of the loan, 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 Crowley dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Crowley, LA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Crowley, LA. 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 thing you have total control over. Most Crowley car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal 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 how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower Louisiana auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Crowley, LA — even without a high income or credit score. You shouldn't go with the first offer you receive 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.
Discover the Best Auto Loan Rates in Crowley, LA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Crowley, LA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and head down to a dealer in Crowley to purchase a new ride. Apply today to see the current lowest interest rates!