How Are Cookeville, TN Car Loan Rates Determined?
A handful of factors influence your Tennessee auto loan 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 Cookeville dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Cookeville, TN?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Cookeville, TN. If you've put in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Cookeville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, boosting your score could decrease 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 to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower Tennessee auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Cookeville, TN — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Cookeville, TN
myAutoloan is committed to helping you find the lowest auto loan rates in Cookeville, 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 best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!