How Are Knoxville, TN Car Loan Rates Determined?
Various factors contribute to your Tennessee car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Knoxville dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Knoxville, TN?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Knoxville, TN. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most Knoxville car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you see what might work for your budget.
If you have less than stellar 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 today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Tennessee.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Knoxville, TN — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Knoxville, TN
myAutoloan is dedicated to helping you find the lowest car loan rates in Knoxville, TN regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Knoxville to purchase a new ride. Don't wait to apply and check today's lowest interest rates!