How Are Sweetwater, TN Auto Loan Rates Determined?
Many factors affect your Tennessee car loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Sweetwater dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Sweetwater Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Sweetwater, TN. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most Sweetwater auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you decide what might be affordable.
If you have less than stellar credit, 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 how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Tennessee.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use 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 Sweetwater, TN — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders allow for negotiation, 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 Sweetwater, TN with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Sweetwater, TN no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Sweetwater dealer to purchase a new ride. Apply now to see today's lowest interest rates!