How Are Cape Girardeau, MO Auto Loan Rates Determined?
Several factors contribute to your Missouri auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Cape Girardeau could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Cape Girardeau, MO?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Cape Girardeau, MO. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can change on your own. Most Cape Girardeau car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). 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 your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, improving your score could bring your interest rate down. 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 worth it for those lower Missouri auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Cape Girardeau, MO — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right 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.
Find the Best Auto Loan Rates in Cape Girardeau, MO with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Cape Girardeau, MO 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 find the perfect loan. Fill out our secure online application, choose the best loan for you, and head to your Cape Girardeau dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!