What Determines Your Auto Loan Rate in Greensboro, NC?
Various factors impact your North Carolina car loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Greensboro could lead to a higher interest rate. But why worry 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.
Can I Lower My Car Loan Rate in Greensboro, NC?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Greensboro, NC. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most auto loans in Greensboro have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what might be affordable.
If your credit is far from great, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it for those lower North Carolina auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Greensboro, NC — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Greensboro, NC
myAutoloan wants to help you find the lowest auto loan rates in Greensboro, NC no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and visit your Greensboro dealer to purchase a new car. Apply now to check today's lowest interest rates!