How Are Florence, SC Auto Loan Rates Determined?
Many factors influence your South Carolina auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Florence could mean 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 the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Florence Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Florence, SC. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Florence auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower South Carolina auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Florence, SC — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Florence, SC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Florence, SC no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and 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!