What Determines Your Auto Loan Rate in Emporia, VA?
Several factors contribute to your Virginia auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Emporia could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Emporia, VA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Emporia, VA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Emporia auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Virginia auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Emporia, VA — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, 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.
Discover the Best Auto Loan Rates in Emporia, VA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Emporia, VA 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 find the best deal. Complete our secure online application, choose the loan that looks best to you, and head to your Emporia dealer to purchase a new ride. Apply now to see today's lowest interest rates!