How Are Suffolk, VA Auto Loan Rates Determined?
A handful of factors influence your Virginia auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Suffolk dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Suffolk, VA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Suffolk, VA. If you've plugged in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most car loans in Suffolk have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what might be affordable.
If you have less than stellar credit, increasing 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 how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Virginia.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Suffolk, VA — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right 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.
Find the Best Auto Loan Rates in Suffolk, VA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Suffolk, 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 get the right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Suffolk dealer to purchase a new ride. Apply now to check today's lowest interest rates!