What Determines Your Auto Loan Rate in Leesburg, VA?
Various factors impact your Virginia auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Leesburg could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Leesburg, VA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Leesburg, VA. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can control. Most Leesburg auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend 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 shows what your monthly payments might look like with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Virginia car 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, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Leesburg, 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. And, some lenders will negotiate, 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 Leesburg, VA
myAutoloan is dedicated to helping you find the lowest car loan rates in Leesburg, 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, select the best loan for you, and head to your Leesburg dealer to purchase a new ride. Apply now to check today's lowest interest rates!