How Are Spartanburg, SC Car Loan Rates Determined?
Various factors affect your South Carolina car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, 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 Spartanburg dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Spartanburg, SC?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Spartanburg, SC. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Spartanburg car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. 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 payments might look like with different terms and interest rates to help you decide what might work for your budget.
If your credit is less than stellar, boosting 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 how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it to get those lower South Carolina car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Spartanburg, SC — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Spartanburg, SC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Spartanburg, SC regardless of what type of vehicle you're buying or your credit score. 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 visit your Spartanburg dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!