How Are Ashland, KY Car Loan Rates Determined?
Several factors influence your Kentucky car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Ashland dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Ashland, KY?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Ashland, KY. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most Ashland car loans 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 usually 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, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you decide what might work for your budget.
If you have less than stellar credit, improving 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 the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Kentucky car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Ashland, KY — 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. Plus, some lenders allow 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 Ashland, KY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Ashland, KY regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Ashland dealer to purchase a new ride. Apply today to see the current lowest interest rates!