How Are Car Loan Rates in Hartsville, SC Calculated?
Several 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 Hartsville dealership could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, 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 spending hundreds more overall.
Can I Lower My Car Loan Rate in Hartsville, SC?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Hartsville, SC. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most car loans in Hartsville have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, increasing your score could bring your interest rate down. 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 time and work to better your credit score, but it's worth it for those lower South Carolina auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Hartsville, SC — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Hartsville, SC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Hartsville, SC no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Hartsville dealer to purchase a new ride. Apply today to see the current lowest interest rates!