How Are Murphy, NC Car Loan Rates Determined?
Many factors influence your North Carolina car loan interest 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 Murphy could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Is There a Way to Lower My Murphy Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Murphy, NC. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most Murphy auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. But longer terms tend to also 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 estimates what your monthly payment could be with different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, boosting your score could lower 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. Your credit score may take some more time and work, but it'll be worth it once you see those lower North Carolina auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Murphy, NC — even if you don't have 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. Keep in mind some lenders will negotiate, 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 Murphy, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Murphy, NC regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!