What Determines Your Auto Loan Rate in Fairfax, VA?
A handful of factors influence your Virginia car loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Fairfax dealer could result in 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 the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Fairfax, VA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Fairfax, VA. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most auto loans in Fairfax are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms 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, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, boosting your score could lower your interest rate. 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 all worth it for getting those lower auto loan rates in Virginia.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider 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 Fairfax, VA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Fairfax, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Fairfax, VA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and head to your Fairfax dealer to purchase a new ride. Apply now to see today's lowest interest rates!