How Are Car Loan Rates in Prince George, VA Calculated?
Many factors impact your Virginia car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Prince George dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Prince George, VA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Prince George, VA. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Prince George are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, raising your score could help lower your interest rate. 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. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Virginia auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Prince George, VA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Prince George, VA
myAutoloan is dedicated to helping you find the lowest car loan rates in Prince George, VA no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Prince George to purchase a new ride. Apply now to check today's lowest interest rates!