How Are Harlingen, TX Car Loan Rates Determined?
Various factors affect your Texas auto loan rate, including your credit score, the amount of the loan, your income, 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 Harlingen could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Harlingen, TX?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Harlingen, TX. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most Harlingen car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford 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 see what you can afford.
If you have less than ideal credit, boosting 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 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.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Harlingen, TX — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Harlingen, TX with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Harlingen, TX regardless of your credit score and the type of car you're buying. You can see 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 down to a dealer in Harlingen to purchase a new ride. Don't wait to apply and check today's lowest interest rates!