How Are Petersburg, VA Car Loan Rates Determined?
Various factors impact your Virginia car loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Petersburg could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Petersburg, VA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Petersburg, VA. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most Petersburg car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by 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 bigger monthly payment, it's better 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 you might be able to afford.
If you have less than stellar credit, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Virginia auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Petersburg, 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 allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Petersburg, VA
myAutoloan is committed to helping you find the lowest auto loan rates in Petersburg, 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, choose the best loan for you, and head to your Petersburg dealer to purchase a new ride. Apply now to see today's lowest interest rates!