How Are Car Loan Rates in Virginia Beach, VA Calculated?
Several factors affect 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 poor credit score, low income, or buying an older vehicle from a dealer in Virginia Beach could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Virginia Beach, VA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Virginia Beach, VA. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most car loans in Virginia Beach have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, improving your score could help 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 will take some effort and time to build, but it'll be worth it once you see those lower Virginia auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Virginia Beach, VA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Virginia Beach, VA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Virginia Beach, VA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Virginia Beach dealer to purchase a new car. Apply now to see today's lowest interest rates!