How Are Slaton, TX Auto Loan Rates Determined?
A handful of factors impact your Texas car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Slaton dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Slaton Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Slaton, TX. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Slaton car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you decide what you might be able to afford.
If your credit is less than stellar, raising your score could bring your interest rate down. 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 for those lower Texas auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Slaton, TX — even without a high income or credit score. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders are open to negotiation, 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 Slaton, TX with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Slaton, TX no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the best loan for you, and head to your Slaton dealer to purchase a new ride. Apply now to check today's lowest interest rates!