How Are Car Loan Rates in Staunton, VA Calculated?
Many factors impact your Virginia auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Staunton dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
Is There a Way to Lower My Staunton Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Staunton, VA. If you've filled out your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most Staunton auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Virginia auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will look at 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 Staunton, VA — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Staunton, VA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Staunton, VA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Staunton to purchase a new ride. Apply now to see today's lowest interest rates!