How Are Festus, MO Car Loan Rates Determined?
Many factors contribute to your Missouri car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Festus dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Festus, MO?
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 Festus, 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 factor you can change on your own. Most Festus auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms are also likely to 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 might be affordable.
If your credit is less than stellar, improving your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it'll be worth it once you see those lower Missouri auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Festus, MO — 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 leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Festus, MO with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Festus, MO regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Festus to purchase a new ride. Apply now to check today's lowest interest rates!