How Are Stanleytown, VA Car Loan Rates Determined?
A handful of 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, poor credit score, or choosing an older vehicle at your Stanleytown dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Stanleytown Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Stanleytown, VA. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most Stanleytown auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean 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 better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you can afford.
If your credit is far from great, raising 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 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.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Stanleytown, VA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
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