How Are Car Loan Rates in Fayetteville, NC Calculated?
A handful of factors impact your North Carolina car loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Fayetteville could mean 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 over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Fayetteville, NC?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Fayetteville, NC. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Fayetteville have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, increasing 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. Your credit score will take some effort and time to build, 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 use the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Fayetteville, NC — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, 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.
Find the Best Auto Loan Rates in Fayetteville, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Fayetteville, 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 find the best deal. Fill out our simple and secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!