What Determines Your Auto Loan Rate in Wilmington, NC?
A handful of factors affect your North Carolina car loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Wilmington could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Wilmington, 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 Wilmington, NC. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one element you can control. Most auto loans in Wilmington have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you can afford.
If you have less than stellar credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it 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.
Taking the time to hunt down the right lender can also help you get 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 Wilmington, NC — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Wilmington, NC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Wilmington, 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. Simply complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!