How Are New Albany, MS Car Loan Rates Determined?
A handful of factors influence your Mississippi car loan rate, including your credit score, the amount of the loan, your income, 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 New Albany could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My New Albany Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in New Albany, MS. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most auto loans in New Albany 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 have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. 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 secure a lower rate. While lenders will look at the same information, 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 New Albany, MS — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in New Albany, MS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in New Albany, 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, choose the loan that looks best to you, and head down to a dealer in New Albany to purchase a new ride. Apply now to check today's lowest interest rates!