How Are Car Loan Rates in Newport News, VA Calculated?
Various factors affect your Virginia car loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Newport News could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Newport News, VA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Newport News, VA. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most auto loans in Newport News have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's wise 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 determine what might be affordable.
If you have less than ideal credit, improving your score could help lower 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's worth it to get those lower Virginia car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Newport News, VA — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Newport News, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Newport News, VA regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Newport News dealer to purchase a new ride. Apply now to see today's lowest interest rates!