How Are Emporia, KS Auto Loan Rates Determined?
Various factors affect your Kansas auto loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Emporia could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Emporia, KS?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Emporia, KS. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you can control. Most auto loans in Emporia are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford 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 determine what you can afford.
If you have less than stellar credit, boosting your score could help 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 to bring it up fast. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Kansas auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Emporia, 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. Plus, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Emporia, KS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Emporia, KS 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 perfect loan. Complete our secure online application, pick the loan that works best for you, and visit your Emporia dealer to purchase a new car. Apply now to check today's lowest interest rates!