How Are Laurens, SC Auto Loan Rates Determined?
Many factors influence your South Carolina auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Laurens dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Laurens, 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 Laurens, SC. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most Laurens car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. 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 what your monthly payments might look like depending on different interest rates and terms to help you decide what might work for your budget.
If you have less than ideal credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it'll be worth it once you see those lower South Carolina auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Laurens, SC — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind 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 Laurens, SC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Laurens, SC regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and head to your Laurens dealer to purchase a new ride. Apply now to see today's lowest interest rates!