How Are North Myrtle Beach, SC Car Loan Rates Determined?
Many factors affect your South Carolina auto 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 poor credit score, low income, or buying an older vehicle from a dealer in North Myrtle Beach might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the term 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 North Myrtle Beach Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in North Myrtle Beach, SC. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most auto loans in North Myrtle Beach have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually mean 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, 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 snag a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in North Myrtle Beach, SC — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just 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.
Use myAutoloan to Check the Best Auto Loan Rates in North Myrtle Beach, SC
myAutoloan is dedicated to helping you find the lowest car loan rates in North Myrtle Beach, SC regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, choose the best loan for you, and visit your North Myrtle Beach dealer to purchase a new car. Apply today to see the current lowest interest rates!