How Are Alexandria, VA Auto Loan Rates Determined?
Several factors influence your Virginia car loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Alexandria could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
Is There a Way to Lower My Alexandria Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Alexandria, VA. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most auto loans in Alexandria have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, increasing 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 to bring it up fast. It may take some effort and time to increase your credit score, 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 use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Alexandria, VA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Alexandria, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Alexandria, VA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and head to your Alexandria dealer to purchase a new ride. Apply now to check today's lowest interest rates!