What Determines Your Auto Loan Rate in Bristol, TN?
Several factors influence your Tennessee car 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 poor credit score, low income, or buying an older vehicle from a dealer in Bristol could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes 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 Bristol, TN?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Bristol, TN. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most car loans in Bristol have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms 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 wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what you might be able to afford.
If your credit is less than stellar, boosting 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Tennessee car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Bristol, TN — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Bristol, TN
myAutoloan is dedicated to helping you find the lowest car loan rates in Bristol, TN no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and visit your Bristol dealer to purchase a new car. Apply now to check today's lowest interest rates!