How Are Russellville, KY Auto Loan Rates Determined?
Various factors affect your Kentucky auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Russellville dealership could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Russellville, KY?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Russellville, KY. If you've put in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can control. Most Russellville 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 they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what might work for your budget.
If your credit is far from great, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Kentucky auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will consider 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 Russellville, KY — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Russellville, KY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Russellville, 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 perfect loan. Complete our secure online application, pick the loan that works best for you, and head to your Russellville dealer to purchase a new ride. Apply today to see the current lowest interest rates!