How Are College Station, TX Car Loan Rates Determined?
Many factors contribute to 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 poor credit score, low income, or buying an older vehicle from a dealer in College Station could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in College Station, TX?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in College Station, TX. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most auto loans in College Station have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score 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'll be worth it once you see those lower Texas auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in College Station, TX — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there might be a better one just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in College Station, TX with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in College Station, TX regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head to your College Station dealer to purchase a new ride. Apply today to see the current lowest interest rates!