Whether you are considering purchasing a new or a used vehicle, getting an auto loan could be a good idea. With the hefty price that reliable vehicles tend to go for nowadays, it can save your wallet and help you stay within your desired budget. There are several things to consider while looking for auto loans in Lenoir, NC. One crucial question you may have is how your credit score will affect your auto loans. Here is what you should know.
Before You Get an Auto Loan
Before applying for an auto loan, it is a good idea to look up your credit score and be sure you are up to date on its status. Getting an auto loan preapproval is also recommended. This way, you can get some reputable, up-to-date information about how to get the best deals on either a new or a used car.
The Bottom Line
Having a low credit score can certainly affect the terms you get on your auto loan, including the interest rate. According to data from a 2020 Experian study, having a low credit score could lead to you paying around 14% for a new car and 21% for a used one. On the other hand, by having a good credit score, you could pay as little as 3% for a new car or 4% for a used one. If you are looking for auto loans in Lenoir, NC, then go to www.memcu.com now and get a pre-qualified offer.