How Are Statesville, NC Car Loan Rates Determined?
Several factors affect 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 Statesville could lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Statesville, NC?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Statesville, 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 element you have total control over. Most Statesville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what might be affordable.
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 today to bring it up quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in North Carolina.
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 see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Statesville, NC — even if you don't have 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 are open to 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 Statesville, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Statesville, 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 find the right deal. Fill out our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!