How Are Columbia, MS Car Loan Rates Determined?
Many factors impact your Mississippi car loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Columbia dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Columbia, MS?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Columbia, MS. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most car loans in Columbia are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you see what you might be able to afford.
If your credit is less than stellar, boosting 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 which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Mississippi.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Columbia, MS — 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 might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Columbia, MS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Columbia, MS regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the best loan for you, and visit your Columbia dealer to purchase a new car. Apply today to see the current lowest interest rates!