How Are Shawnee, KS Auto Loan Rates Determined?
Various 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 Shawnee could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Shawnee, KS?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Shawnee, KS. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most Shawnee car loans 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 usually 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, boosting your score could lower 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 may take some more time and work, but it's all worth it for getting those lower auto loan rates in Kansas.
Taking the time to hunt down the right lender can also help you snag 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 Shawnee, KS — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders allow 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.
See the Best Auto Loan Rates in Shawnee, KS with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Shawnee, 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 right deal. Fill out our secure online application, pick the loan that works best for you, and head down to a dealer in Shawnee to purchase a new ride. Apply now to check today's lowest interest rates!