What Determines Your Auto Loan Rate in Martinsville, VA?
Several factors contribute to your Virginia car loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Martinsville could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Martinsville, VA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Martinsville, VA. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Martinsville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand 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'll be worth it once you see those lower Virginia auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will consider 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 Martinsville, VA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders leave room 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 Martinsville, VA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Martinsville, VA no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the best loan for you, and visit your Martinsville dealer to purchase a new car. Apply now to check today's lowest interest rates!