How Are Car Loan Rates in Athens, TX Calculated?
Several factors affect your Texas car loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Athens could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, 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 on interest.
How Can I Get a Lower Car Loan Rate in Athens, TX?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Athens, TX. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most Athens car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 with different interest rates and terms to help you determine what might be affordable.
If your credit is less than stellar, improving your score could lower your interest rate. 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. Your credit score will take some effort and time to build, but it's worth it for those lower Texas auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Athens, TX — even without a high income or credit score. You don't want to 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 the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Athens, TX with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Athens, TX 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 right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Athens to purchase a new ride. Apply now to check today's lowest interest rates!