How Are Car Loan Rates in Pascagoula, MS Calculated?
Many factors affect your Mississippi auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Pascagoula could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Pascagoula, MS?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Pascagoula, MS. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most auto loans in Pascagoula 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. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what you can afford.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through 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 take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Pascagoula, MS — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Pascagoula, MS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Pascagoula, MS regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, choose the best loan for you, and head to your Pascagoula dealer to purchase a new ride. Apply now to see today's lowest interest rates!