How Are Kingsport, TN Car Loan Rates Determined?
Various factors impact your Tennessee car loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Kingsport dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Kingsport, TN?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Kingsport, TN. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Kingsport car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what might work for your budget.
If your credit is less than stellar, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Kingsport, 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. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Kingsport, TN with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Kingsport, TN no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Complete our secure online application, select the best loan for you, and visit your Kingsport dealer to purchase a new car. Apply today to see the current lowest interest rates!