How Are Morristown, TN Car Loan Rates Determined?
Many factors contribute to your Tennessee car loan interest rate, including your income, your credits core, the loan amount, 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 Morristown dealership could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month 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 Morristown, TN?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Morristown, TN. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most car loans in Morristown have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 some time to find 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. Shopping around and comparing offers will help you find the best auto loan rate in Morristown, TN — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, 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.
Find the Best Auto Loan Rates in Morristown, TN with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Morristown, 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 simple and secure online application, select the best loan for you, and head down to a dealer in Morristown to purchase a new ride. Don't wait to apply and check today's lowest interest rates!