What Determines Your Auto Loan Rate in Concord, NC?
A handful of factors impact your North Carolina car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Concord could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Concord, NC?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Concord, NC. If you've supplied your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most auto loans in Concord have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see what might work for your budget.
If you have less than ideal credit, improving your score could bring your interest rate down. 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 time and work to better your credit score, but it's worth it for 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 consider the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Concord, NC — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders allow 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 Concord, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Concord, NC no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Concord to purchase a new ride. Apply now to check today's lowest interest rates!