How Are Car Loan Rates in Reno, NV Calculated?
Several factors contribute to your Nevada auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Reno dealership could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Reno, NV?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Reno, NV. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Reno auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what might work for your budget.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Nevada auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Reno, NV — even if you don't have the highest income or best credit. You shouldn't 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 the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Reno, NV
myAutoloan is dedicated to helping you find the lowest car loan rates in Reno, NV no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Reno dealer to purchase a new ride. Apply now to check today's lowest interest rates!