How Are Antioch, TN Auto Loan Rates Determined?
Several factors impact your Tennessee auto loan rate, including your income, your credits core, the loan amount, 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 Antioch dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
Is There a Way to Lower My Antioch Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in Antioch, TN. 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 thing you can control. Most auto loans in Antioch have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what might work for your budget.
If your credit is less than stellar, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower Tennessee car 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. You need to compare offers and shop around for the best auto loan rate in Antioch, TN — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Antioch, TN
myAutoloan is committed to helping you find the lowest auto loan rates in Antioch, TN 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 find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Antioch dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!