How Are North Little Rock, AR Auto Loan Rates Determined?
Several factors influence your Arkansas auto loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your North Little Rock dealer could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My North Little Rock Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in North Little Rock, AR. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can change on your own. Most North Little Rock auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you see 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 which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower Arkansas car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use 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 North Little Rock, AR — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be 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.
Discover the Best Auto Loan Rates in North Little Rock, AR with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in North Little Rock, AR 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 find the best deal. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in North Little Rock to purchase a new ride. Apply now to check today's lowest interest rates!