How Are Car Loan Rates in Pineville, NC Calculated?
Several factors affect your North Carolina auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Pineville might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Pineville Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Pineville, NC. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most auto loans in Pineville are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. 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 take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Pineville, NC — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Pineville, NC
myAutoloan is here to help you get the lowest auto loan rates in Pineville, NC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Pineville to purchase a new ride. Apply now to see today's lowest interest rates!