What Determines Your Auto Loan Rate in Dodge City, KS?
Several factors contribute to your Kansas car loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Dodge City could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Dodge City, KS?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Dodge City, KS. If you've filled out your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you have total control over. Most Dodge City auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt 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 handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, increasing your score could lower 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 time and work to better your credit score, but it's worth it to get those lower Kansas 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 receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Dodge City, KS — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
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myAutoloan is here to help you get the lowest auto loan rates in Dodge City, KS regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!