How Are Car Loan Rates in Bethlehem, WV Calculated?
Many factors impact your West Virginia car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bethlehem dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, 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.
Can I Lower My Car Loan Rate in Bethlehem, WV?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Bethlehem, WV. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Bethlehem 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 usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out 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 can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower West Virginia car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Bethlehem, WV — even without a high income or credit score. 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 another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Bethlehem, WV with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Bethlehem, WV no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Bethlehem to purchase a new ride. Apply now to check today's lowest interest rates!