How Are Elizabethtown, KY Car Loan Rates Determined?
A handful of factors impact your Kentucky car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, 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 Elizabethtown might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Elizabethtown, KY?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Elizabethtown, KY. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most auto loans in Elizabethtown 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 they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what might be affordable.
If you have less than stellar credit, raising 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 to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Kentucky auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Elizabethtown, KY — 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 might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Elizabethtown, KY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Elizabethtown, KY regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Elizabethtown to purchase a new ride. Apply now to check today's lowest interest rates!