How Are Clover, SC Car Loan Rates Determined?
A handful of factors contribute to your South Carolina car loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Clover dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment 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.
How Do I Lower My Auto Loan Rate in Clover, SC?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Clover, SC. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most Clover car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what might be affordable.
If your credit is less than stellar, boosting 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 effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in South Carolina.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, 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 Clover, SC — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be 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.
See the Best Auto Loan Rates in Clover, SC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Clover, SC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and visit your Clover dealer to purchase a new car. Apply today to see the current lowest interest rates!