What Determines Your Auto Loan Rate in Garner, NC?
Many factors affect your North Carolina auto loan rate, including your income, your credits core, the loan amount, 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 Garner dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Garner, NC?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Garner, NC. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most Garner auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you might be able to afford.
If your credit is far from great, increasing your score could help lower your interest rate. 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. It may take some time and work to better your credit score, but it'll be worth it once you see those lower North Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Garner, NC — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Garner, NC
myAutoloan wants to help you find the lowest auto loan rates in Garner, NC no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the best loan for you, and visit your Garner dealer to purchase a new car. Apply today to see the current lowest interest rates!