How Are Greeneville, TN Auto Loan Rates Determined?
Various factors contribute to your Tennessee auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Greeneville could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Greeneville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Greeneville, TN. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Greeneville 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 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 depending on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, boosting your score could help lower 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'll be worth it once you see those lower Tennessee auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use 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 Greeneville, TN — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Greeneville, TN with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Greeneville, 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 right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Greeneville dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!