How Are Clinton, TN Car Loan Rates Determined?
Several factors contribute to your Tennessee auto loan rate, including the loan amount, your credit score, 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 Clinton dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Clinton, TN?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Clinton, TN. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most auto loans in Clinton 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. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, raising 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 effort and time to increase your credit score, but it's worth it to get those lower Tennessee car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Clinton, TN — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Clinton, TN with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Clinton, TN regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Clinton dealer to purchase a new car. Apply today to see the current lowest interest rates!