How Are Car Loan Rates in Salina, KS Calculated?
Several factors impact 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 poor credit score, low income, or buying an older vehicle from a dealer in Salina might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Salina Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Salina, KS. If you've plugged in your information and don't like 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 Salina have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, 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 secure a lower rate. While lenders will look at the same information, 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 Salina, 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 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.
Find the Best Auto Loan Rates in Salina, KS with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Salina, KS no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Salina dealer to purchase a new car. Apply today to see the current lowest interest rates!