How Are Car Loan Rates in Burlington, NC Calculated?
Many factors influence your North Carolina car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, 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 Burlington could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Burlington Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Burlington, NC. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most Burlington car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what you might be able to afford.
If your credit is far from great, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower North Carolina auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Burlington, NC — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Burlington, NC
myAutoloan is committed to helping you find the lowest auto loan rates in Burlington, NC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Burlington to purchase a new ride. Don't wait to apply and check today's lowest interest rates!