What Determines Your Auto Loan Rate in Murfreesboro, TN?
Several factors affect your Tennessee car loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Murfreesboro might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Murfreesboro, TN?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you complete an application for a car loan in Murfreesboro, TN. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most Murfreesboro auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you determine what you might be able to afford.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower Tennessee auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Murfreesboro, TN — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Murfreesboro, TN
myAutoloan is committed to helping you find the lowest auto loan rates in Murfreesboro, 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. Complete our secure online application, choose the loan that looks best to you, and visit your Murfreesboro dealer to purchase a new car. Apply today to see the current lowest interest rates!