What Determines Your Auto Loan Rate in Dunn, NC?
A handful of factors influence your North Carolina auto loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Dunn dealer could lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Dunn, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Dunn, NC. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most Dunn auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score may take some more time and work, 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 get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Dunn, NC — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Dunn, NC
myAutoloan is here to help you get the lowest auto loan rates in Dunn, NC regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Fill out our simple and secure online application, select the best loan for you, and head to your Dunn dealer to purchase a new ride. Apply now to check today's lowest interest rates!