What Determines Your Auto Loan Rate in Olive Branch, MS?
Many factors contribute to your Mississippi car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Olive Branch dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes 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 Olive Branch Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Olive Branch, MS. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most Olive Branch auto 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 your possible monthly payment depending on different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 to get those lower Mississippi car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Olive Branch, MS — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Olive Branch, MS with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Olive Branch, MS regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head to your Olive Branch dealer to purchase a new ride. Apply now to check today's lowest interest rates!