How Are Rocky Mount, NC Auto Loan Rates Determined?
Several factors contribute to your North Carolina auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Rocky Mount could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Rocky Mount, NC?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Rocky Mount, NC. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Rocky Mount auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you determine what might be affordable.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower North Carolina auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Rocky Mount, NC — even without the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Rocky Mount, NC
myAutoloan wants to help you find the lowest auto loan rates in Rocky Mount, NC no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Fill out our secure online application, pick the loan that works best for you, and visit your Rocky Mount dealer to purchase a new car. Apply now to check today's lowest interest rates!