How Are Lebanon, MO Auto Loan Rates Determined?
Various factors influence your Missouri car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Lebanon dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Lebanon, MO?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Lebanon, MO. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Lebanon car 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 the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, improving 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 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's all worth it for getting those lower auto loan rates in Missouri.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Lebanon, MO — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Lebanon, MO
myAutoloan is here to help you get the lowest auto loan rates in Lebanon, MO regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Lebanon to purchase a new ride. Apply now to see today's lowest interest rates!