How Are Car Loan Rates in Overland Park, KS Calculated?
A handful of factors influence your Kansas auto 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Overland Park dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is 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 Overland Park Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Overland Park, KS. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you can change on your own. Most Overland Park car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, raising your score could help lower 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. 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.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Overland Park, KS — even if you don't have 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. Plus, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Overland Park, KS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Overland Park, 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 perfect loan. Complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!