How Are Car Loan Rates in Jeffersontown, KY Calculated?
A handful of factors influence your Kentucky car loan rate, including your income, your credits core, the loan amount, 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 Jeffersontown dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Jeffersontown Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Jeffersontown, KY. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Jeffersontown auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, boosting 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. It may take some effort and time to increase your credit score, but it's worth it for those lower Kentucky auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Jeffersontown, KY — even without 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 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.
See the Best Auto Loan Rates in Jeffersontown, KY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Jeffersontown, KY no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Jeffersontown dealer to purchase a new ride. Apply now to see today's lowest interest rates!