What Determines Your Auto Loan Rate in Dandridge, TN?
A handful of factors impact your Tennessee car loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Dandridge could mean 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 bill is 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 spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Dandridge, TN?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Dandridge, TN. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Dandridge have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. 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 your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. 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.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Dandridge, TN — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting 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.
See the Best Auto Loan Rates in Dandridge, TN with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Dandridge, TN no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and visit your Dandridge dealer to purchase a new car. Apply now to see today's lowest interest rates!