How Are Hendersonville, TN Car Loan Rates Determined?
Several 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Hendersonville could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, 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 you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Hendersonville, TN?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Hendersonville, TN. If you've put in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most Hendersonville auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise 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 might be affordable.
If your credit is far from great, increasing 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 how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Tennessee.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, 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 Hendersonville, TN — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Hendersonville, TN with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Hendersonville, 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 loan that looks best to you, and visit your Hendersonville dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!