How Are Morgantown, WV Car Loan Rates Determined?
Many factors impact your West Virginia auto loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Morgantown might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Morgantown Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Morgantown, WV. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most auto loans in Morgantown are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower West Virginia car loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Morgantown, WV — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders leave room for 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 Morgantown, WV with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Morgantown, WV 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 get the right deal. Complete our secure online application, select the best loan for you, and head down to a dealer in Morgantown to purchase a new ride. Apply now to check today's lowest interest rates!