What Determines Your Auto Loan Rate in Rocky Mount, VA?
A handful of factors influence 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 Rocky Mount might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Rocky Mount, 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 Rocky Mount, VA. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most auto loans in Rocky Mount have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better 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 see what you can afford.
If you have less than stellar credit, boosting 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 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's worth it to get those lower Virginia car loan rates.
Waiting to find 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. Shopping around and comparing offers will help you find the best auto loan rate in Rocky Mount, VA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders allow for negotiation, 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 Rocky Mount, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Rocky Mount, VA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Rocky Mount to purchase a new ride. Don't wait to apply and check today's lowest interest rates!