How Are Alice, TX Car Loan Rates Determined?
A handful of factors influence your Texas car loan interest rate, including the loan amount, your credit score, 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 Alice dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is 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 Alice, TX?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Alice, TX. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Alice are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Texas car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Alice, TX — even if you don't have 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. Keep in mind some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Alice, TX with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Alice, TX no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Alice dealer to purchase a new ride. Apply now to check today's lowest interest rates!