How Are Car Loan Rates in Lansing, KS Calculated?
Various factors affect your Kansas auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Lansing dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Lansing Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Lansing, KS. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most auto loans in Lansing have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you decide what might work for your budget.
If your credit is less than stellar, increasing 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 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 the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Lansing, KS — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Lansing, KS with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Lansing, KS regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Lansing to purchase a new ride. Apply now to check today's lowest interest rates!