How Are Falls Church, VA Car Loan Rates Determined?
Several factors influence your Virginia auto loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Falls Church 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 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 on interest.
How Do I Lower My Auto Loan Rate in Falls Church, VA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Falls Church, VA. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Falls Church car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take 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 higher monthly payment, it's better 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 figure out what you can afford.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better 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 secure a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Falls Church, 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. And, some lenders are open to 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 Falls Church, VA
myAutoloan wants to help you find the lowest auto loan rates in Falls Church, 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 find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Falls Church to purchase a new ride. Apply now to check today's lowest interest rates!