How Are Spruce Pine, NC Car Loan Rates Determined?
A handful of factors impact your North Carolina auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Spruce Pine dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Spruce Pine, NC?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Spruce Pine, NC. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Spruce Pine car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they typically have 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 payment might be with different terms and interest rates to help you figure out what you might be able to afford.
If your credit is less than stellar, raising your score could lower 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 today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower North Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will use the same information, 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 Spruce Pine, NC — even without a high income or credit score. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Spruce Pine, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Spruce Pine, NC regardless of your credit score and the type of car you're buying. You can look at 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 head to your Spruce Pine dealer to purchase a new ride. Apply today to see the current lowest interest rates!