How Are Car Loan Rates in Gastonia, NC Calculated?
Various factors affect your North Carolina auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Gastonia dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Gastonia, NC?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Gastonia, NC. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most car loans in Gastonia have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what might work for your budget.
If you have less than stellar credit, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, 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 will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Gastonia, NC — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Plus, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Gastonia, NC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Gastonia, NC no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Gastonia to purchase a new ride. Apply today to see the current lowest interest rates!