How Are Car Loan Rates in Orangeburg, SC Calculated?
Many factors impact your South Carolina auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Orangeburg dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, 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 on interest.
Can I Lower My Car Loan Rate in Orangeburg, 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 Orangeburg, SC. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Orangeburg auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they typically 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 wise 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 see what you might be able to afford.
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 to bring it up fast. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower South Carolina auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Orangeburg, SC — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders will negotiate, 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 Orangeburg, SC with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Orangeburg, SC regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Orangeburg dealer to purchase a new ride. Apply now to see today's lowest interest rates!