How Are Pikeville, KY Auto Loan Rates Determined?
Many factors affect your Kentucky car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Pikeville could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Pikeville, KY?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Pikeville, KY. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Pikeville car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand 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'll be worth it once you see those lower Kentucky auto loan rates.
Putting effort into finding the right lender can also help you get 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 Pikeville, 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 might be a better one just around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Pikeville, KY with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Pikeville, 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. Complete our secure online application, choose the best loan for you, and head down to a dealer in Pikeville to purchase a new ride. Don't wait to apply and check today's lowest interest rates!