What Determines Your Auto Loan Rate in Gaffney, SC?
Various factors affect your South Carolina auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Gaffney dealer could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Gaffney Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Gaffney, 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 can control. Most car loans in Gaffney 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 typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, 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 consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Gaffney, SC — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Gaffney, SC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Gaffney, 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 right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Gaffney dealer to purchase a new ride. Apply now to see today's lowest interest rates!