How Are Car Loan Rates in Abingdon, VA Calculated?
Many factors affect your Virginia 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 Abingdon dealer could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Abingdon, VA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Abingdon, VA. If you've filled out your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most auto loans in Abingdon have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what might work for your budget.
If your credit is less than stellar, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Virginia auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Abingdon, VA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Abingdon, VA
myAutoloan wants to help you find the lowest auto loan rates in Abingdon, VA no matter your credit score or the type of car you're buying. You can look at 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 down to a dealer in Abingdon to purchase a new ride. Apply now to check today's lowest interest rates!