What Determines Your Auto Loan Rate in Lewisburg, TN?
Several factors influence your Tennessee auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, 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 Lewisburg dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the more you pay each month 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 you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Lewisburg, TN?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Lewisburg, TN. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one factor you can control. Most car loans in Lewisburg have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Tennessee auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider 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 Lewisburg, TN — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Plus, some lenders will negotiate, 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 Lewisburg, TN with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Lewisburg, TN regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, select the best loan for you, and visit your Lewisburg dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!