What Determines Your Auto Loan Rate in Mount Juliet, TN?
Various factors contribute to your Tennessee auto loan 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 Mount Juliet dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Mount Juliet, TN?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in Mount Juliet, TN. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most Mount Juliet auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what might be affordable.
If you have less than stellar credit, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it'll be worth it once you see those lower Tennessee auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Mount Juliet, 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 are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Mount Juliet, TN with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Mount Juliet, TN regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Fill out our secure online application, select the best loan for you, and head to your Mount Juliet dealer to purchase a new ride. Apply now to see today's lowest interest rates!