How Are Car Loan Rates in Meridian, MS Calculated?
Many factors influence your Mississippi auto loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Meridian dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term 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 Meridian, MS?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Meridian, MS. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most car loans in Meridian have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, increasing your score could lower your interest rate. 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 will take some effort and time to build, but it's worth it to get those lower Mississippi car loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Meridian, MS — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget 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.
Use myAutoloan to Check the Best Auto Loan Rates in Meridian, MS
myAutoloan is dedicated to helping you find the lowest car loan rates in Meridian, MS no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!