How Are North Charleston, SC Car Loan Rates Determined?
Several factors impact your South Carolina car loan interest rate, including your income, your credits core, the loan amount, 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 North Charleston dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in North Charleston, SC?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in North Charleston, SC. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most North Charleston car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, raising your score could decrease 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 to bring it up fast. 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 achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in North Charleston, SC — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in North Charleston, SC with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in North Charleston, 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 best deal. Fill out our secure online application, choose the best loan for you, and visit your North Charleston dealer to purchase a new car. Apply now to check today's lowest interest rates!