How Are Brandon, MS Car Loan Rates Determined?
A handful of factors impact your Mississippi auto loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Brandon dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Brandon, MS?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Brandon, MS. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most Brandon auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what might be affordable.
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 how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it to get those lower Mississippi car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Brandon, MS — even without a high income or credit score. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Brandon, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Brandon, MS 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 right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Brandon dealer to purchase a new ride. Apply now to check today's lowest interest rates!