How Are Car Loan Rates in Morganton, NC Calculated?
Many factors impact your North Carolina car loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Morganton could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, 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 you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Morganton, NC?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Morganton, NC. If you've filled out 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 Morganton auto loans 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 have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise 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 decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in North Carolina.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Morganton, NC — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Morganton, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Morganton, NC regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and head to your Morganton dealer to purchase a new ride. Apply now to see today's lowest interest rates!