How Are Mars Hill, NC Auto Loan Rates Determined?
A handful of factors contribute to your North Carolina auto loan interest rate, including the loan amount, your credit score, your income, 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 Mars Hill dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Mars Hill Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you start applying for auto loans in Mars Hill, NC. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you have a lot of control over. Most Mars Hill car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart 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 see what you might be able to afford.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, 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 will consider the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Mars Hill, 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. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Mars Hill, NC
myAutoloan wants to help you find the lowest auto loan rates in Mars Hill, NC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and visit your Mars Hill dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!