How Are Car Loan Rates in Columbus, MS Calculated?
Several factors impact your Mississippi auto loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Columbus could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My Columbus Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Columbus, MS. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Columbus 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 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, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you figure out what you can afford.
If you have less than ideal credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Mississippi auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Columbus, MS — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Columbus, MS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Columbus, MS no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!