What Determines Your Auto Loan Rate in Moncks Corner, SC?
Several factors affect your South Carolina auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Moncks Corner dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Moncks Corner, SC?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Moncks Corner, SC. If you've put in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most auto loans in Moncks Corner have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take 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, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, raising 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 the steps you can take now to raise it quickly. It may take some effort and time to increase 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 achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Moncks Corner, SC — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
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myAutoloan is dedicated to helping you find the lowest car loan rates in Moncks Corner, SC no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!