How Are Car Loan Rates in Lumberton, NC Calculated?
Several factors affect your North Carolina car loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Lumberton dealership could 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. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Lumberton, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Lumberton, NC. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most auto loans in Lumberton have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you figure out what might be affordable.
If your credit is far from great, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, 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 look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Lumberton, 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. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
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