How Are Car Loan Rates in Graham, NC Calculated?
Several factors impact your North Carolina car loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Graham dealer 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 your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Graham, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Graham, NC. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can control. Most car loans in Graham have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you determine what you can afford.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score 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's all worth it for getting those lower auto loan rates in North Carolina.
Taking some time to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Graham, NC — even if you don't have the best credit or income. You shouldn't automatically 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 Graham, NC
myAutoloan wants to help you find the lowest auto loan rates in Graham, 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 right deal. Fill out our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!