What Determines Your Auto Loan Rate in Greenville, NC?
Many factors contribute to your North Carolina auto loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Greenville dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Greenville, NC?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Greenville, NC. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most car loans in Greenville have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what might be affordable.
If your credit is less than stellar, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. 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 snag a lower rate. While lenders take the same information into consideration, 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 Greenville, NC — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Greenville, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Greenville, NC regardless of what type of vehicle 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 simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!