What Determines Your Auto Loan Rate in Horn Lake, MS?
A handful of factors affect your Mississippi auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Horn Lake might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Horn Lake, MS?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Horn Lake, MS. If you've put in your information and don't like the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Horn Lake car loans 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 typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see 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 how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower Mississippi auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Horn Lake, 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 the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Horn Lake, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Horn Lake, 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 find the best deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Horn Lake to purchase a new ride. Apply now to check today's lowest interest rates!