How Are Hays, KS Auto Loan Rates Determined?
Several factors influence your Kansas car loan rate, including the loan amount, your credit score, your income, 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 Hays dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Hays, KS?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in Hays, KS. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Hays car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. 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 with different terms and interest rates to help you determine what you might be able to afford.
If you have less than ideal credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Kansas car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Hays, KS — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Hays, KS with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Hays, KS no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and head to your Hays dealer to purchase a new ride. Apply today to see the current lowest interest rates!