How Are Car Loan Rates in Elizabeth City, 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Elizabeth City dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Elizabeth City Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Elizabeth City, NC. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most Elizabeth City car loans 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. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you figure out what might be affordable.
If your credit is less than stellar, 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 the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower North Carolina auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Elizabeth City, NC — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Elizabeth City, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Elizabeth City, NC no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Elizabeth City dealer to purchase a new ride. Apply now to see today's lowest interest rates!