How Are Hattiesburg, MS Car Loan Rates Determined?
Various factors influence your Mississippi auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Hattiesburg could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Hattiesburg, 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 Hattiesburg, MS. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Hattiesburg car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually mean 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Mississippi.
Waiting to find the right lender can also help you get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Hattiesburg, MS — even without 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 other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Hattiesburg, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Hattiesburg, MS regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. 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!