How Are Hartford, KY Auto Loan Rates Determined?
Various factors contribute to your Kentucky auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Hartford dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment 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.
Is There a Way to Lower My Hartford Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you begin applying for auto loans in Hartford, KY. If you've put in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one thing you can change on your own. Most car loans in Hartford have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms tend to also 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 shows your possible monthly payment depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it for those lower Kentucky auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Hartford, KY — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get 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 the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Hartford, KY
myAutoloan is here to help you get the lowest auto loan rates in Hartford, KY no matter what type of car 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, pick the loan that works best for you, and head to your Hartford dealer to purchase a new ride. Apply now to check today's lowest interest rates!