What Determines Your Auto Loan Rate in Mount Pleasant, SC?
Many factors impact your South Carolina auto loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Mount Pleasant could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Mount Pleasant Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Mount Pleasant, SC. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most car loans in Mount Pleasant 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 they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what might work for your budget.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in South Carolina.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Mount Pleasant, SC — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, 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.
Discover the Best Auto Loan Rates in Mount Pleasant, SC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Mount Pleasant, SC no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!