How Are Car Loan Rates in Lowell, NC Calculated?
Many factors affect your North Carolina car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Lowell 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 becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Lowell, NC?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Lowell, NC. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Lowell have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also 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 with different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, boosting 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. Your credit score may take some more time and work, but it's worth it to get those lower North Carolina car loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Lowell, 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 might be a better one just around the corner. Plus, 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.
Find the Best Auto Loan Rates in Lowell, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lowell, 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 get the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Lowell to purchase a new ride. Apply today to see the current lowest interest rates!