How Are Newport, TN Auto Loan Rates Determined?
A handful of factors contribute to your Tennessee auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Newport might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Newport, TN?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Newport, 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 element you can control. Most Newport auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, 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 use the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Newport, TN — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting 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 Newport, TN with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Newport, TN regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Newport to purchase a new ride. Don't wait to apply and check today's lowest interest rates!