How Are Metairie, LA Auto Loan Rates Determined?
Several factors impact your Louisiana auto 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Metairie dealer could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Metairie Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Metairie, LA. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most Metairie auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually 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 shows what your monthly payments might look like with different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Louisiana car 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, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Metairie, LA — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Metairie, LA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Metairie, LA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head to your Metairie dealer to purchase a new ride. Apply today to see the current lowest interest rates!