What Determines Your Auto Loan Rate in Bowling Green, KY?
Many factors contribute to your Kentucky auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Bowling Green dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Bowling Green, KY?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Bowling Green, KY. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most Bowling Green auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out 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 will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Kentucky.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use 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 Bowling Green, 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 Bowling Green, KY with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Bowling Green, KY no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Bowling Green dealer to purchase a new car. Apply now to see today's lowest interest rates!