How Are Chesapeake, VA Car Loan Rates Determined?
Several factors influence your Virginia car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Chesapeake dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is 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 you spend hundreds more on interest.
Is There a Way to Lower My Chesapeake Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Chesapeake, VA. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most car loans in Chesapeake 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. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Virginia car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will consider 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 Chesapeake, VA — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders are open to 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 Chesapeake, VA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Chesapeake, VA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and head down to a dealer in Chesapeake to purchase a new ride. Don't wait to apply and check today's lowest interest rates!