What Determines Your Auto Loan Rate in Greenville, KY?
A handful of factors contribute to your Kentucky car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, 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 Greenville dealership could 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 bill is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Greenville, KY?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Greenville, KY. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most auto loans in Greenville are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean 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 better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what you can afford.
If your credit is less than stellar, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider 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 Greenville, KY — even if you don't have 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. And, 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 Greenville, KY with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Greenville, KY no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, select the best loan for you, and head to your Greenville dealer to purchase a new ride. Apply today to see the current lowest interest rates!