What Determines Your Auto Loan Rate in Edinburg, TX?
A handful of factors contribute to your Texas car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, 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 Edinburg might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, 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.
Is There a Way to Lower My Edinburg Car Loan Rate?
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 Edinburg, TX. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most car loans in Edinburg 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 afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Texas auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Edinburg, TX — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Edinburg, TX with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Edinburg, TX no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and visit your Edinburg dealer to purchase a new car. Apply today to see the current lowest interest rates!