How Are Car Loan Rates in New Bern, NC Calculated?
Various factors impact your North Carolina auto loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your New Bern dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in New Bern, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in New Bern, NC. If you've supplied your information and aren't happy with 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 New Bern car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to 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 estimates what your monthly payment could be based on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 for those lower North Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in New Bern, NC — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there could be a better one right around the corner. And, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
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