What Determines Your Auto Loan Rate in Greenville, SC?
Many factors affect your South Carolina auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Greenville could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Greenville, SC?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Greenville, SC. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most Greenville car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, increasing your score could help 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 to bring it up fast. 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 get a lower rate. While lenders will consider 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 Greenville, SC — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there might be a better one just around the corner. Plus, some lenders allow for 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 Greenville, SC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Greenville, SC no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Greenville to purchase a new ride. Apply now to check today's lowest interest rates!