How Are Cary, NC Car Loan Rates Determined?
Several factors impact your North Carolina car loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Cary could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes 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 Cary, NC?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Cary, NC. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most car loans in Cary have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise 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 decide what you might be able to afford.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower North Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Cary, NC — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Cary, NC
myAutoloan is dedicated to helping you find the lowest car loan rates in Cary, NC regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!