How Are Car Loan Rates in Wichita Falls, TX Calculated?
A handful of factors influence your Texas auto loan interest rate, including the loan amount, your credit score, your income, 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 Wichita Falls dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Wichita Falls, TX?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Wichita Falls, TX. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most car loans in Wichita Falls have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers 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, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, boosting 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 which steps you can take today to bring it up 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 the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Wichita Falls, TX — even without 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. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Wichita Falls, TX with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Wichita Falls, 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 simple and secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!