How Are Brentwood, TN Auto Loan Rates Determined?
Various factors impact your Tennessee auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Brentwood dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Brentwood, TN?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you start applying for auto loans in Brentwood, TN. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Brentwood auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). 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, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, increasing 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 today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Tennessee auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Brentwood, TN — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Brentwood, TN with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Brentwood, TN regardless of what type of vehicle you're buying or your credit score. We'll present you with 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 visit your Brentwood dealer to purchase a new car. Apply now to see today's lowest interest rates!