How Are Bowling Green, MO Auto Loan Rates Determined?
A handful of factors influence your Missouri car loan rate, Including your credit score, your income, the amount of the loan, 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 Bowling Green dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Bowling Green Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Bowling Green, MO. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Bowling Green 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 usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might work for your budget.
If your credit is less than stellar, raising 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 how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's worth it to get those lower Missouri car loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, 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 Bowling Green, MO — even if you don't have the highest income or best credit. You shouldn't 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 the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Bowling Green, MO
myAutoloan is dedicated to helping you find the lowest car loan rates in Bowling Green, MO regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!