How Are Matthews, NC Auto Loan Rates Determined?
Several factors influence your North Carolina auto loan interest rate, including your credit score, the amount of the loan, 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 Matthews dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Matthews Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Matthews, NC. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most Matthews auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford 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 see what you might be able to afford.
If your credit is less than stellar, improving your score could lower 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. 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Matthews, NC — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, 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.
Find the Best Auto Loan Rates in Matthews, NC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Matthews, NC no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Matthews to purchase a new ride. Apply now to see today's lowest interest rates!