How Are Eagle Pass, TX Car Loan Rates Determined?
A handful of factors impact your Texas car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Eagle Pass 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 your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Eagle Pass Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Eagle Pass, TX. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most Eagle Pass auto loans 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 they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out 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 will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower Texas car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Eagle Pass, TX — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, 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 Eagle Pass, TX with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Eagle Pass, TX regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!