How Are Car Loan Rates in Quantico, VA Calculated?

Many factors influence your Virginia car loan interest 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 Quantico could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.

How Can I Get a Lower Car Loan Rate in Quantico, VA?

Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Quantico, VA. If you've put in your information and don't like the percentage you see, how can you lower?

The loan term is one factor you have total control over. Most Quantico car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher 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, 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 the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Virginia.

Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Quantico, VA — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right 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.

See the Best Auto Loan Rates in Quantico, VA with myAutoloan

myAutoloan is dedicated to helping you find the lowest car loan rates in Quantico, 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 get the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Quantico dealer to purchase a new ride. Apply today to see the current lowest interest rates!