What Determines Your Auto Loan Rate in Blair, NE?
A handful of factors impact your Nebraska car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Blair could result in a higher interest rate. But what's so bad 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 spending hundreds more overall.
Is There a Way to Lower My Blair Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Blair, NE. If you've plugged in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most car loans in Blair have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, increasing 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. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Nebraska auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Blair, NE — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting 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.
Find the Best Auto Loan Rates in Blair, NE with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Blair, NE no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and visit your Blair dealer to purchase a new car. Apply now to see today's lowest interest rates!