What Determines Your Auto Loan Rate in Athens, TN?
Several factors affect your Tennessee auto loan interest rate, including your credit score, the amount of the loan, 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, low credit score, or purchasing an older car from a dealer in Athens could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Athens, TN?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Athens, TN. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most Athens 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 they usually mean a lower monthly payment. But longer terms are also likely 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 shows your possible monthly payment with different terms and interest rates to help you determine what you can afford.
If you have less than stellar credit, boosting your score could help 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 today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Tennessee auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Athens, TN — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Athens, TN with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Athens, TN regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Athens to purchase a new ride. Apply now to see today's lowest interest rates!