How Are Goose Creek, SC Auto Loan Rates Determined?
Many factors contribute to your South Carolina auto loan interest 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 poor credit score, low income, or buying an older vehicle from a dealer in Goose Creek could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Goose Creek, SC?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Goose Creek, SC. If you've supplied your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you can change on your own. Most car loans in Goose Creek have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what might work for your budget.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 worth it to get those lower South Carolina car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Goose Creek, SC — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Keep in mind 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.
See the Best Auto Loan Rates in Goose Creek, SC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Goose Creek, 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 get the right deal. Simply complete our secure online application, select the best loan for you, and visit your Goose Creek dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!