How Are Anderson, SC Auto Loan Rates Determined?
Several factors affect your South Carolina car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Anderson dealer could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Anderson, SC?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Anderson, SC. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most Anderson auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score 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 to get those lower South Carolina car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Anderson, SC — 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 could be right around the corner. Don't forget 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.
Use myAutoloan to Check the Best Auto Loan Rates in Anderson, SC
myAutoloan is dedicated to helping you find the lowest car loan rates in Anderson, SC regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!