How Are Asheville, NC Auto Loan Rates Determined?
A handful of factors impact your North Carolina auto loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Asheville could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Asheville, NC?
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 Asheville, NC. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Asheville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to 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 determine what might work for your budget.
If your credit is far from great, 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 which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in North Carolina.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Asheville, NC — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, 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 Asheville, NC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Asheville, NC regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and head to your Asheville dealer to purchase a new ride. Apply now to see today's lowest interest rates!