What Determines Your Auto Loan Rate in Cordova, TN?
Many factors contribute to your Tennessee auto loan rate, including your income, your credits core, the loan amount, 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 Cordova could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Cordova, TN?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Cordova, TN. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most Cordova auto 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 have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better 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 decide what you can afford.
If you have less than ideal credit, improving your score could bring your interest rate down. 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. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Tennessee.
Taking some time to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Cordova, TN — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, 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.
Discover the Best Auto Loan Rates in Cordova, TN with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Cordova, TN no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Cordova dealer to purchase a new ride. Apply today to see the current lowest interest rates!