What Determines Your Auto Loan Rate in Winston Salem, NC?
A handful of factors influence 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, poor credit score, or choosing an older vehicle at your Winston Salem dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Winston Salem, NC?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Winston Salem, NC. If you've put in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most Winston Salem auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it'll be worth it once you see 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 look at 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 Winston Salem, NC — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders allow for negotiation, 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 Winston Salem, NC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Winston Salem, 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 find the best deal. Complete our secure online application, select the best loan for you, and visit your Winston Salem dealer to purchase a new car. Apply today to see the current lowest interest rates!