What Determines Your Auto Loan Rate in Hampton, VA?
Many factors affect your Virginia auto 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Hampton could lead to a higher interest rate. But what's so bad about a high interest rate? 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.
Can I Lower My Car Loan Rate in Hampton, VA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Hampton, VA. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one factor you can control. Most car loans in Hampton are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean a lower monthly payment. 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 payment might be depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, raising your score could lower 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 to bring it up fast. It may take some time and work to better your credit score, 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 secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Hampton, VA — even if you don't have the best credit or income. 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 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 Hampton, VA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Hampton, VA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Hampton to purchase a new ride. Apply now to check today's lowest interest rates!