What Determines Your Auto Loan Rate in Myrtle Beach, SC?
Several factors contribute to your South Carolina car loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Myrtle Beach could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Myrtle Beach Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Myrtle Beach, SC. If you've filled out 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 total control over. Most car loans in Myrtle Beach 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 they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up 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.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Myrtle Beach, 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. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Myrtle Beach, SC
myAutoloan is here to help you get the lowest auto loan rates in Myrtle Beach, 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 get the right deal. Simply complete our secure online application, choose the best loan for you, and head to your Myrtle Beach dealer to purchase a new ride. Apply now to check today's lowest interest rates!