How Are Sumter, SC Auto Loan Rates Determined?
Many factors influence your South Carolina auto loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Sumter 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 your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Sumter, SC?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in Sumter, SC. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can control. Most car loans in Sumter have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better 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 figure out what might be affordable.
If your credit is less than stellar, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower South Carolina car loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Sumter, SC — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one 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.
See the Best Auto Loan Rates in Sumter, SC with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Sumter, SC regardless of your credit score and 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, pick the loan that works best for you, and head down to a dealer in Sumter to purchase a new ride. Don't wait to apply and check today's lowest interest rates!