How Are Hannibal, MO Car Loan Rates Determined?
Many factors impact your Missouri car loan rate, including your income, your credits core, the loan amount, 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 Hannibal dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Hannibal Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Hannibal, MO. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most Hannibal auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. 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 shows what your monthly payment might be with different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar credit, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. 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 get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Hannibal, MO — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders allow 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 Hannibal, MO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Hannibal, MO no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Hannibal to purchase a new ride. Apply now to see today's lowest interest rates!