How Are Car Loan Rates in Lewisville, TX Calculated?
A handful of factors impact your Texas auto loan 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 Lewisville dealer could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Lewisville, TX?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Lewisville, TX. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Lewisville auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you might be able to afford.
If you have less than ideal credit, raising your score could help 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. Your credit score will take some effort and time to build, 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 snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Lewisville, TX — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Lewisville, TX
myAutoloan wants to help you find the lowest auto loan rates in Lewisville, TX no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Fill out our simple and secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!