How Are Car Loan Rates in Saint Francis, KS Calculated?
Several factors contribute to your Kansas auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Saint Francis dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Saint Francis Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you begin applying for auto loans in Saint Francis, KS. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most auto loans in Saint Francis are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what you might be able to afford.
If your credit is less than stellar, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Kansas car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Saint Francis, KS — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right 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.
Find the Best Auto Loan Rates in Saint Francis, KS with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Saint Francis, KS no matter what type of car 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. Simply complete our secure online application, pick the loan that works best for you, and head to your Saint Francis dealer to purchase a new ride. Apply now to check today's lowest interest rates!