How Are Car Loan Rates in High Point, NC Calculated?
Various factors impact your North Carolina car 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 High Point dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in High Point, 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 High Point, NC. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most auto loans in High Point are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what might be affordable.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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 secure a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in High Point, NC — even without a high income or credit score. 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 High Point, NC
myAutoloan is here to help you get the lowest auto loan rates in High Point, 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 best deal. Fill out our simple and secure online application, choose the best loan for you, and visit your High Point dealer to purchase a new car. Apply today to see the current lowest interest rates!