How Are Car Loan Rates in Fort Thomas, KY Calculated?
Various factors influence your Kentucky 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Fort Thomas dealer could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Fort Thomas, 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 Fort Thomas, KY. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Fort Thomas auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Kentucky auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Fort Thomas, 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 there could be a better one right around the corner. Keep in mind 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.
See the Best Auto Loan Rates in Fort Thomas, KY with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Fort Thomas, 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 find the perfect loan. Simply complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!