How Are Lillington, NC Auto Loan Rates Determined?
Several factors influence your North Carolina auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Lillington dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, 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.
Is There a Way to Lower My Lillington Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Lillington, NC. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most auto loans in Lillington have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, raising your score could decrease your interest rate. 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 time and work to better your credit score, but it's worth it for those lower North Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you snag 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 Lillington, NC — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Lillington, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lillington, 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 perfect loan. Simply complete our secure online application, select the best loan for you, and visit your Lillington dealer to purchase a new car. Apply now to check today's lowest interest rates!