How Are Car Loan Rates in Newberry, SC Calculated?
A handful of factors impact your South Carolina auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Newberry dealer could result in 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 over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Newberry, SC?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you start applying for auto loans in Newberry, SC. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Newberry auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's smart 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 be affordable.
If your credit is far from great, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower South Carolina car loan rates.
Taking some time 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 Newberry, SC — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Newberry, SC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Newberry, SC no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Newberry to purchase a new ride. Apply today to see the current lowest interest rates!