How Are Fletcher, NC Car Loan Rates Determined?
A handful of factors affect your North Carolina auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Fletcher dealership could lead to 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 in total. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Fletcher, 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 Fletcher, NC. If you've put in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can control. Most auto loans in Fletcher are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). 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 higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it to get those lower North Carolina car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Fletcher, NC — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders are open to 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 Fletcher, NC
myAutoloan is committed to helping you find the lowest auto loan rates in Fletcher, 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 best deal. Complete our secure online application, choose the loan that looks best to you, and head to your Fletcher dealer to purchase a new ride. Apply today to see the current lowest interest rates!