How Are Shallotte, NC Auto Loan Rates Determined?
Many factors impact your North Carolina auto loan rate, including your credit score, the amount of the loan, 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 Shallotte dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Shallotte, NC?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Shallotte, NC. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Shallotte car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what might work for your budget.
If you have less than stellar credit, increasing 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 the steps you can take now to raise it quickly. It may take some time and work to better 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 Shallotte, NC — even if you don't have the highest income or best credit. You shouldn't 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 an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Shallotte, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Shallotte, NC regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!