How Are Car Loan Rates in Elizabethton, TN Calculated?
Many factors impact your Tennessee auto loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Elizabethton dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Elizabethton Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Elizabethton, TN. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most car loans in Elizabethton have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what might work for your budget.
If your credit is less than stellar, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Tennessee auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Elizabethton, TN — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Elizabethton, TN
myAutoloan is here to help you get the lowest auto loan rates in Elizabethton, TN no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and head to your Elizabethton dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!