How Are Car Loan Rates in Radford, VA Calculated?
Various factors contribute to your Virginia car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Radford might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Radford, VA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Radford, VA. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Radford auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. 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 what your monthly payments might look like with different terms and interest rates to help you determine what you might be able to afford.
If you have less than stellar credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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'll be worth it once you see those lower Virginia auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use 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 Radford, VA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Radford, VA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Radford, VA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Radford to purchase a new ride. Apply now to see today's lowest interest rates!