How Are Car Loan Rates in Dexter, MO Calculated?
Several factors affect your Missouri car 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 Dexter could result in 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 term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Dexter, MO?
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 Dexter, MO. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Dexter 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. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see what you can afford.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it to get those lower Missouri car loan rates.
Putting effort into finding 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. You need to compare offers and shop around for the best auto loan rate in Dexter, MO — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Dexter, MO with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Dexter, MO no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and visit your Dexter dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!