How Are Car Loan Rates in Flowood, MS Calculated?
A handful of factors contribute to your Mississippi auto loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, 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 Flowood could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Flowood, MS?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Flowood, MS. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Flowood auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you decide what might be affordable.
If you have less than stellar credit, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Mississippi.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Flowood, MS — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders are open to negotiation, 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 Flowood, MS with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Flowood, 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 get the right deal. Complete our secure online application, select the best loan for you, and head down to a dealer in Flowood to purchase a new ride. Apply now to check today's lowest interest rates!