How Are Jackson, MS Car Loan Rates Determined?
Many factors impact your Mississippi car 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 poor credit score, low income, or buying an older vehicle from a dealer in Jackson might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Jackson, 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 Jackson, MS. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can control. Most Jackson car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you figure out 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. It may take some time and work to better your credit score, 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 get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Jackson, MS — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Jackson, MS
myAutoloan is committed to helping you find the lowest auto loan rates in Jackson, 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 best deal. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!