How Are Manhattan, KS Auto Loan Rates Determined?
A handful of factors impact your Kansas auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Manhattan dealer might 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 Manhattan, KS?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Manhattan, KS. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can control. Most auto loans in Manhattan have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you see what might work for your budget.
If you have less than ideal credit, improving your score could decrease 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 worth it for those lower Kansas auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Manhattan, KS — even without a high income or credit score. You don't want to choose the first offer you get because a better one could be right around the corner. Don't forget some lenders leave room 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.
Discover the Best Auto Loan Rates in Manhattan, KS with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Manhattan, 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 best deal. Fill out our secure online application, choose the best loan for you, and head to your Manhattan dealer to purchase a new ride. Apply now to see today's lowest interest rates!