What Determines Your Auto Loan Rate in Canton, MS?
Many factors affect your Mississippi auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Canton could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, 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 on interest.
Is There a Way to Lower My Canton Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Canton, MS. 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 element you can change on your own. Most Canton 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 usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, raising 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 for those lower Mississippi auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Canton, MS — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind 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.
See the Best Auto Loan Rates in Canton, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Canton, MS regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and visit your Canton dealer to purchase a new car. Apply now to see today's lowest interest rates!