How Are Smithfield, NC Car Loan Rates Determined?
Many factors contribute to your North Carolina auto loan interest 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, poor credit score, or choosing an older vehicle at your Smithfield dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, 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 overall.
How Do I Get a Lower Car Loan Interest in Smithfield, NC?
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 Smithfield, NC. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most auto loans in Smithfield 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. However, longer terms also tend 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 depending on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, boosting your score could lower your interest rate. 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. 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.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Smithfield, NC — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders leave room 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.
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myAutoloan is here to help you get the lowest auto loan rates in Smithfield, NC regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!