What Determines Your Auto Loan Rate in Asheboro, NC?
A handful of factors impact your North Carolina auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Asheboro dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Asheboro, NC?
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 Asheboro, NC. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most Asheboro 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 they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, increasing your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower North Carolina car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, 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 Asheboro, NC — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Asheboro, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Asheboro, NC regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, select the best loan for you, and head to your Asheboro dealer to purchase a new ride. Apply now to check today's lowest interest rates!