How Are Shreveport, LA Car Loan Rates Determined?
Various factors affect your Louisiana car loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, 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 Shreveport could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the more you pay each month and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Shreveport, LA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Shreveport, LA. If you've filled out 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 Shreveport car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers 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 your possible monthly payment with different interest rates and terms to help you determine what might work for your budget.
If you have less than ideal credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, 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 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 Shreveport, 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. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Shreveport, LA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Shreveport, LA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and visit your Shreveport dealer to purchase a new car. Apply today to see the current lowest interest rates!