How Are Wilson, NC Auto Loan Rates Determined?
Many factors affect your North Carolina car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, 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 Wilson might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, 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 you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Wilson, NC?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Wilson, NC. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Wilson auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, raising 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 how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it for those lower North Carolina auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider the same information, 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 Wilson, NC — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Wilson, NC
myAutoloan is dedicated to helping you find the lowest car loan rates in Wilson, 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 get the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Wilson dealer to purchase a new car. Apply now to see today's lowest interest rates!