What Determines Your Auto Loan Rate in Woodstock, VA?
Various factors affect your Virginia car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Woodstock dealer could result in a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Woodstock, VA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Woodstock, VA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most car loans in Woodstock are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, 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 snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Woodstock, VA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Plus, some lenders are open to 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 Woodstock, VA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Woodstock, VA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Simply 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 check today's lowest interest rates!