What Determines Your Auto Loan Rate in Crestwood, KY?
Various factors impact your Kentucky car loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Crestwood might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Crestwood, KY?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Crestwood, KY. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most Crestwood car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what you might be able to afford.
If your credit is less than stellar, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 worth it to get those lower Kentucky car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Crestwood, KY — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Crestwood, KY with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Crestwood, KY regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and visit your Crestwood dealer to purchase a new car. Apply now to see today's lowest interest rates!