How Are Charleston, SC Auto Loan Rates Determined?
Various factors impact your South Carolina car loan 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 Charleston dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month 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 spending hundreds more on interest.
Is There a Way to Lower My Charleston Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Charleston, SC. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most auto loans in Charleston are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). 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 handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what might work for your budget.
If your credit is far from great, increasing your score could lower your interest rate. 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. Your credit score will take some effort and time to build, but it's worth it for those lower South Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Charleston, SC — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders are open to negotiation, 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 Charleston, SC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Charleston, SC no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!