What Determines Your Auto Loan Rate in Washington, NC?
Many factors influence your North Carolina car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Washington dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Washington, NC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Washington, NC. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Washington 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. However, longer terms also tend to 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 what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If your credit is far from great, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score 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 all worth it for getting those lower auto loan rates in North Carolina.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Washington, NC — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Washington, NC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Washington, NC no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and visit your Washington dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!