How Are Car Loan Rates in Parkersburg, WV Calculated?
Several factors affect your West Virginia auto loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Parkersburg dealership could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Parkersburg, WV?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Parkersburg, WV. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Parkersburg car loans 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. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower West Virginia auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Parkersburg, WV — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Parkersburg, WV with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Parkersburg, WV no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and visit your Parkersburg dealer to purchase a new car. Apply now to see today's lowest interest rates!