How Are Car Loan Rates in Kansas City, MO Calculated?
Many factors affect your Missouri auto loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Kansas City could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Kansas City Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Kansas City, MO. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most auto loans in Kansas City have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you figure out what you can afford.
If you have less than stellar credit, boosting your score could help lower 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 time and work to better 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 shop around and compare offers to find the best auto loan rate in Kansas City, 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. And, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Kansas City, MO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Kansas City, MO regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!