What Determines Your Auto Loan Rate in Greenwood, MS?
A handful of factors contribute to your Mississippi auto loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Greenwood could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Greenwood, MS?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Greenwood, MS. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most auto loans in Greenwood are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, increasing 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 the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it'll be worth it once you see those lower Mississippi auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Greenwood, MS — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Greenwood, MS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Greenwood, MS no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!