What Determines Your Auto Loan Rate in Hendersonville, NC?
A handful of factors contribute to your North Carolina auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Hendersonville dealership could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Hendersonville, 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 Hendersonville, NC. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can change on your own. Most car loans in Hendersonville are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, raising 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 which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for 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 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 Hendersonville, 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 could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Hendersonville, NC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Hendersonville, NC regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the best loan for you, and head down to a dealer in Hendersonville to purchase a new ride. Apply now to check today's lowest interest rates!