How Are Oxford, NC Car Loan Rates Determined?
A handful of factors contribute to your North Carolina auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Oxford dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Oxford, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Oxford, NC. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you have total control over. Most auto loans in Oxford have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt 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 bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand 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's worth it to get those lower North Carolina car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Oxford, NC — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Oxford, NC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Oxford, NC regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!