What Determines Your Auto Loan Rate in Longview, TX?
A handful of factors impact your Texas auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Longview could result in a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Longview, 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 Longview, TX. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you can control. Most auto loans in Longview 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 typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. 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 based on different interest rates and terms to help you determine what might work for your budget.
If your credit is far from great, boosting 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 the steps you can take now to raise it quickly. 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.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Longview, TX — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Longview, TX with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Longview, 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. Fill out our secure online application, pick the loan that works best for you, and head to your Longview dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!