How Are Car Loan Rates in Ridgeland, MS Calculated?
Many factors contribute to your Mississippi auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Ridgeland dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life 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 Ridgeland, MS?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Ridgeland, MS. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most car loans in Ridgeland have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. 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 depending on different interest rates and terms to help you decide what might work for your budget.
If you have less than ideal credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it'll be worth it once you see 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 will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Ridgeland, 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 there might be a better one just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Ridgeland, MS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Ridgeland, 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 get the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Ridgeland to purchase a new ride. Don't wait to apply and check today's lowest interest rates!