How Are Tupelo, MS Auto Loan Rates Determined?
Many factors contribute to your Mississippi car loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Tupelo might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, 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 on interest.
Can I Lower My Car Loan Rate in Tupelo, MS?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Tupelo, MS. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Tupelo car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Mississippi auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Tupelo, MS — even if you don't have the best credit or income. 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 will negotiate, 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 Tupelo, MS with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Tupelo, MS no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Tupelo to purchase a new ride. Apply today to see the current lowest interest rates!