What Determines Your Auto Loan Rate in Jacksonville, NC?
A handful of factors influence your North Carolina car loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Jacksonville might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Jacksonville, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Jacksonville, NC. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can control. Most car loans in Jacksonville have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise 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 determine what you can afford.
If your credit is far from great, boosting 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 effort and time to increase your credit score, but it's worth it for those lower North Carolina auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will use the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Jacksonville, NC — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Jacksonville, NC
myAutoloan is committed to helping you find the lowest auto loan rates in Jacksonville, NC no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Jacksonville to purchase a new ride. Don't wait to apply and check today's lowest interest rates!