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Interest rates play a big role in setting your monthly car payment as well as the overall expense of your car loan. When it comes to determining the interest rate on a car loan, several factors come into play.
Let's break it down:
Lenders consider your credit score as a key factor. The higher your credit score the better your chances are of securing a lower interest rate.
Longer loan terms tend to result in higher interest rates, the loan amoutn plays a role as well, a larger loan may come with a slightly higher interest rate.
A down payment shows lenders that you're committed and reduces their risk. The larger your down payment the more you can expect it to impact your interest rate.
New cars often have lower interest rates compared to used cars, the age and condition of the vehicle play a role as well.
Understanding these factors and car shopping accordingly can help you secure the best interest rate possible for your car loan.
Don't stress about a less-than-perfect credit score, we know life happens as do our lenders and we're happy to serve drivers who are rebuilding their credit ratings. If you are employed and can service the auto loan you are applying for we can get your auto loan approved.
When you apply for an auto loan we initially make a soft pull against your credit, this means that the inquiry is noted however should not affect your score. When you sign your auto loan agreements the lender will register the loan and it will appear on your credit statement until the loan is paid off.
The online application will only take a few minutes. Our team will contact you as soon as possible to get any further information needed, our goal is to have you approved within 24 hours!