How Are Hazelwood, MO Auto Loan Rates Determined?
Various factors impact your Missouri auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Hazelwood dealer might lead to 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 payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Hazelwood, MO?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Hazelwood, MO. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Hazelwood are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, boosting your score could decrease your interest rate. 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. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Missouri auto loan rates.
Putting effort into finding the right lender can also help you secure 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 Hazelwood, 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 could be right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Hazelwood, MO with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Hazelwood, MO no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, select the best loan for you, and visit your Hazelwood dealer to purchase a new car. Apply now to see today's lowest interest rates!