How Are Thomasville, NC Auto Loan Rates Determined?
Many factors impact your North Carolina auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Thomasville dealer could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Thomasville, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Thomasville, NC. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most auto loans in Thomasville have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what you can afford.
If you have less than stellar credit, increasing 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 which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it'll be worth it once you see 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 Thomasville, NC — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Thomasville, NC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Thomasville, NC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head to your Thomasville dealer to purchase a new ride. Apply now to check today's lowest interest rates!