How Are Car Loan Rates in Clarksville, TN Calculated?
Various factors influence your Tennessee car loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Clarksville could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Clarksville, TN?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Clarksville, TN. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Clarksville auto loans 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 have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it to get those lower Tennessee car loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Clarksville, TN — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Clarksville, TN with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Clarksville, TN regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Clarksville to purchase a new ride. Apply now to see today's lowest interest rates!