What Determines Your Auto Loan Rate in Lees Summit, MO?
Many factors affect your Missouri auto loan rate, including the loan amount, your credit score, your income, 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 Lees Summit could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month 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 spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Lees Summit, MO?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Lees Summit, MO. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you can change on your own. Most auto loans in Lees Summit 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 mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you determine what might be affordable.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Missouri auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Lees Summit, MO — even without a high income or credit score. You don't want to choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Lees Summit, MO
myAutoloan is here to help you get the lowest auto loan rates in Lees Summit, MO no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Fill out our secure online application, pick the loan that works best for you, and head down to a dealer in Lees Summit to purchase a new ride. Apply now to check today's lowest interest rates!