How Are Mount Airy, NC Auto Loan Rates Determined?
Many factors influence your North Carolina auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Mount Airy might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Mount Airy Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in Mount Airy, NC. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most car loans in Mount Airy have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, increasing 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. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower North Carolina auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Mount Airy, NC — even without a high income or credit score. You don't want to choose the first offer you get because a better one could be right around the corner. Plus, some lenders are open to 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 Mount Airy, NC
myAutoloan is committed to helping you find the lowest auto loan rates in Mount Airy, 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. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Mount Airy to purchase a new ride. Don't wait to apply and check today's lowest interest rates!