How Are Car Loan Rates in De Soto, MO Calculated?
Many factors affect your Missouri car loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your De Soto dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, 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 De Soto Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in De Soto, MO. 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 De Soto 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 you can afford 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 decide what might be affordable.
If you have less than ideal credit, boosting your score could 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 may take some more time and work, but it's worth it for those lower Missouri auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider 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 De Soto, MO — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right 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.
Use myAutoloan to Check the Best Auto Loan Rates in De Soto, MO
myAutoloan is here to help you get the lowest auto loan rates in De Soto, MO regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Complete 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!