What Determines Your Auto Loan Rate in Boone, NC?
A handful of factors affect your North Carolina auto loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Boone could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes 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.
How Can I Get a Lower Car Loan Rate in Boone, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Boone, NC. 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 element you can control. Most auto loans in Boone have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. 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 estimates what your monthly payment could be based on different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, improving 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 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 North Carolina auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Boone, NC — 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. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Boone, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Boone, NC no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Boone to purchase a new ride. Apply now to check today's lowest interest rates!