What Determines Your Auto Loan Rate in Waveland, MS?
Several factors influence your Mississippi auto 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Waveland dealer could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Waveland Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Waveland, MS. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most car loans in Waveland have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, raising your score could lower 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 may take some more time and work, 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 consider 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 Waveland, MS — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Waveland, MS
myAutoloan is committed to helping you find the lowest auto loan rates in Waveland, MS no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Waveland dealer to purchase a new car. Apply today to see the current lowest interest rates!