How Are Minot, ND Car Loan Rates Determined?
Several factors impact your North Dakota auto loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Minot dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly bill 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 you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Minot, ND?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Minot, ND. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you have total control over. Most auto loans in Minot 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. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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's worth it to get those lower North Dakota car loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Minot, ND — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Minot, ND with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Minot, ND regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!