How Are Car Loan Rates in Simpsonville, SC Calculated?
Various factors contribute to your South Carolina auto loan rate, including your income, your credits core, the loan amount, 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 Simpsonville 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 bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Simpsonville, SC?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Simpsonville, SC. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most Simpsonville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually 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, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If you have less than stellar credit, boosting your score could decrease your interest rate. 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. It may take some effort and time to increase your credit score, but it's worth it to get those lower South Carolina car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Simpsonville, SC — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Simpsonville, SC with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Simpsonville, SC regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and visit your Simpsonville dealer to purchase a new car. Apply now to see today's lowest interest rates!