How Are Hickory, NC Car Loan Rates Determined?
Many factors impact your North Carolina car loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Hickory dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Hickory Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Hickory, 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 factor you can control. Most Hickory auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. 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 based on different interest rates and terms to help you decide what might be affordable.
If you have less than ideal credit, increasing your score could bring your interest rate down. 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 may take some more time and work, but it'll be worth it once you see those lower North Carolina auto loan rates.
Waiting to find the right lender can also help you achieve 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 Hickory, NC — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one could be right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Hickory, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Hickory, 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 perfect loan. Complete our secure online application, pick the loan that works best for you, and head down to a dealer in Hickory to purchase a new ride. Apply now to see today's lowest interest rates!