Seeking Auto Loans In O’Fallon? Remember These Tips About Loan Rates!
July 14, 2020
Getting an automobile is a right of passage for many people. Whether it’s your first car on your own or you need a new vehicle, finding auto loans in O’Fallon is easier than you might think. Obtaining the loan may be simple; however, you want to be able to understand the rate and what it means for you as well. That’s why you need to keep the following principles about loan interest rates in mind as you shop.
Your Credit Score Matters
Yes, you already know this. However, you may not realize that the higher your score is, the lower the interest rate you’ll be able to receive. Those who find themselves with poor credit will find their loan hit with a much higher rate. That means that the interest you’re paying is higher, and it will cost you more to purchase the car you want.
Term Length Matters
While a longer-term may equal lower payments, it does equal a higher interest rate in most cases. You’ll find that choosing a shorter term for your loan repayment can get you a much better rate.
Rates Are Negotiable
Typically, you can negotiate rates when you have good credit. Do not be afraid to talk with your dealership about adjusting the rate or what you need to do to get a better one. Many places are up for negotiations depending on where your credit standings are.
If you’re seeking auto loans in O’Fallon, 5 Star Auto Plaza is here to help. We have a great financing department that works with first time buyers, all types of credit, and those who are in the military. Contact our office today at (636) 940-7600 to see how we can help you get in your new car.