How Are Car Loan Rates in Versailles, KY Calculated?
Many factors contribute to 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 Versailles could lead to 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 bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Versailles Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Versailles, KY. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you have a lot of control over. Most Versailles car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle 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 figure out what you might be able to afford.
If you have less than ideal credit, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Kentucky car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Versailles, KY — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind 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.
Find the Best Auto Loan Rates in Versailles, KY with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Versailles, KY regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head to your Versailles dealer to purchase a new ride. Apply now to check today's lowest interest rates!