How Are Slidell, LA Auto Loan Rates Determined?
A handful of factors influence your Louisiana car loan rate, including your income, your credits core, the loan amount, 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 Slidell dealership could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Slidell, LA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Slidell, LA. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most Slidell car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what you can afford.
If you have less than ideal credit, boosting your score could lower 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 time and work to better 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 achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Slidell, LA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget 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.
Use myAutoloan to Check the Best Auto Loan Rates in Slidell, LA
myAutoloan is committed to helping you find the lowest auto loan rates in Slidell, 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 get the right deal. Fill out our simple and secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!