What Determines Your Auto Loan Rate in Irving, TX?
A handful of factors affect your Texas auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Irving dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Irving, TX?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Irving, TX. If you've filled out your information and aren't liking 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 Irving auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what you might be able to afford.
If you have less than stellar credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Texas.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Irving, TX — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Plus, 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 Irving, TX with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Irving, 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 get the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Irving to purchase a new ride. Apply now to see today's lowest interest rates!