How Are Mission, KS Auto Loan Rates Determined?
Many factors impact your Kansas car loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Mission could result in a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, 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 you spend hundreds more on interest.
Is There a Way to Lower My Mission Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Mission, KS. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most Mission 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 usually mean 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 shows what your monthly payment might be with different interest rates and terms to help you see what might be affordable.
If your credit is far from great, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Kansas.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will use 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 Mission, KS — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders are open to negotiation, 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 Mission, KS with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Mission, KS regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!