How Are Pittsboro, NC Car Loan Rates Determined?
A handful of factors affect your North Carolina car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Pittsboro dealer could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, 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 you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Pittsboro, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Pittsboro, NC. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most car loans in Pittsboro have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it'll be worth it once you see those lower North Carolina auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Pittsboro, 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 might be a better one just around the corner. And, some lenders allow 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.
Discover the Best Auto Loan Rates in Pittsboro, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Pittsboro, NC regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head to your Pittsboro dealer to purchase a new ride. Apply now to see today's lowest interest rates!