How Are Car Loan Rates in Kannapolis, NC Calculated?
A handful of factors influence your North Carolina auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Kannapolis dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Kannapolis, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Kannapolis, NC. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Kannapolis 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 they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle 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 interest rates and terms to help you see what might be affordable.
If you have less than stellar credit, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in North Carolina.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Kannapolis, NC — even without a high income or credit score. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Kannapolis, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Kannapolis, NC no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Kannapolis to purchase a new ride. Don't wait to apply and check today's lowest interest rates!