How Are Brookhaven, MS Car Loan Rates Determined?
Several factors affect your Mississippi auto loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Brookhaven could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Brookhaven, MS?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Brookhaven, MS. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most auto loans in Brookhaven have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for 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 figure out what you can afford.
If your credit is far from great, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it to get those lower Mississippi car loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Brookhaven, MS — even without 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. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Brookhaven, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Brookhaven, MS no matter what type of car you're buying or your credit score. We'll show you 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 purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!