What Determines Your Auto Loan Rate in Huntersville, NC?
Several factors impact your North Carolina car loan interest rate, including your credit score, the amount of the loan, your income, 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 Huntersville dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Huntersville, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Huntersville, NC. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Huntersville auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean 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 your possible monthly payment with different terms and interest rates to help you determine what might be affordable.
If you have less than stellar credit, boosting 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. It may take some effort and time to increase your credit score, but it's worth it to get those lower North Carolina car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Huntersville, NC — even without a high income or credit score. You don't want to choose the first offer you get because there might be a better one just around the corner. And, 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.
Discover the Best Auto Loan Rates in Huntersville, NC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Huntersville, 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 right deal. Fill out our secure online application, choose the best loan for you, and head to your Huntersville dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!