How Are Manassas, VA Car Loan Rates Determined?
A handful of factors contribute to your Virginia auto loan rate, including the loan amount, your credit score, your income, 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 Manassas dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Manassas, VA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in Manassas, VA. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you can control. Most car loans in Manassas have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what might work for your budget.
If you have less than stellar credit, boosting 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 today to bring it up quickly. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Virginia.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Manassas, VA — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Manassas, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Manassas, VA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Manassas to purchase a new ride. Apply now to check today's lowest interest rates!