How Are Marion, NC Auto Loan Rates Determined?
Many factors contribute to 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Marion dealership could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Marion, NC?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Marion, NC. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most auto loans in Marion are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take 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 afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in North Carolina.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will look at 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 Marion, NC — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Marion, NC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Marion, NC regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Marion dealer to purchase a new ride. Apply today to see the current lowest interest rates!