How Are Morehead, KY Car Loan Rates Determined?
Many factors impact your Kentucky auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Morehead could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the more you pay each month and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Morehead, KY?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Morehead, KY. If you've put 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 change on your own. Most auto loans in Morehead 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, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you can afford.
If you have less than ideal credit, 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 which steps you can take today to bring it up quickly. 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.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Morehead, KY — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right 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.
Use myAutoloan to Check the Best Auto Loan Rates in Morehead, KY
myAutoloan wants to help you find the lowest auto loan rates in Morehead, KY regardless of what type of vehicle you're buying or your credit score. You can see 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 visit your Morehead dealer to purchase a new car. Apply today to see the current lowest interest rates!