How Are Car Loan Rates in Woodbridge, VA Calculated?
Many factors influence your Virginia car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Woodbridge dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Woodbridge, VA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Woodbridge, VA. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can control. Most auto loans in Woodbridge have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If your credit is less than stellar, increasing your score could help lower 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's worth it to get those lower Virginia car loan rates.
Putting effort into finding the right lender can also help you get 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 Woodbridge, VA — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
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myAutoloan wants to help you find the lowest auto loan rates in Woodbridge, VA no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!