How Are Burlington, KS Car Loan Rates Determined?
Several factors contribute to your Kansas car loan interest 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Burlington dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Burlington, KS?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Burlington, KS. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most Burlington auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what you might be able to afford.
If your credit is far from great, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower Kansas auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Burlington, KS — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Burlington, KS
myAutoloan is committed to helping you find the lowest auto loan rates in Burlington, KS no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, select the best loan for you, and visit your Burlington dealer to purchase a new car. Apply today to see the current lowest interest rates!