How Are Car Loan Rates in Wichita, KS Calculated?
A handful of factors impact your Kansas auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Wichita could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My Wichita Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Wichita, KS. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one element you can control. Most car loans in Wichita are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what might be affordable.
If your credit is less than stellar, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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 some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Wichita, KS — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind 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.
Discover the Best Auto Loan Rates in Wichita, KS with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Wichita, KS no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Wichita to purchase a new ride. Don't wait to apply and check today's lowest interest rates!