How Are Lawrence, KS Car Loan Rates Determined?
Various factors affect 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 poor credit score, low income, or buying an older vehicle from a dealer in Lawrence could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Lawrence Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Lawrence, KS. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Lawrence have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely 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 shows what your monthly payments might look like with different terms and interest rates to help you determine what might be affordable.
If you have less than ideal credit, increasing 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 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 all worth it for getting those lower auto loan rates in Kansas.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Lawrence, KS — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Lawrence, KS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lawrence, KS regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Lawrence to purchase a new ride. Don't wait to apply and check today's lowest interest rates!