How Are Sterling, VA Car Loan Rates Determined?
A handful of factors impact your Virginia auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Sterling could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Sterling, VA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Sterling, VA. If you've put in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have a lot of control over. Most auto loans in Sterling have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what might be affordable.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Virginia.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Sterling, VA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Sterling, VA
myAutoloan wants to help you find the lowest auto loan rates in Sterling, 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 perfect loan. Complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!