How Are Kernersville, NC Car Loan Rates Determined?
Various factors affect 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 Kernersville might lead to 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 life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Kernersville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Kernersville, NC. If you've put in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can control. Most Kernersville auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower North Carolina car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Kernersville, NC — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Kernersville, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Kernersville, 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. Complete our secure online application, choose the loan that looks best to you, and head to your Kernersville dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!