How Are Springfield, VA Auto Loan Rates Determined?
A handful of factors influence your Virginia car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Springfield dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Springfield, VA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Springfield, VA. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Springfield auto loans 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 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, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you determine what might work for your budget.
If your credit is far from great, 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 time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Virginia.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Springfield, VA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Springfield, VA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Springfield, VA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, pick the loan that works best for you, and head down to a dealer in Springfield to purchase a new ride. Don't wait to apply and check today's lowest interest rates!