How Are Harvey, LA Auto Loan Rates Determined?
Several factors affect your Louisiana auto loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Harvey dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Harvey, LA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Harvey, LA. If you've put 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 have total control over. Most Harvey auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's smart 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 see what might work for your budget.
If you have less than stellar credit, increasing 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. Your credit score will take some effort and time to build, but it's worth it to get those lower Louisiana car loan rates.
Putting effort into finding the right lender can also help you get 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 Harvey, LA — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Harvey, LA
myAutoloan is committed to helping you find the lowest auto loan rates in Harvey, LA no matter your credit score or the type of car you're buying. You can see 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 head to your Harvey dealer to purchase a new ride. Apply now to see today's lowest interest rates!