How Are Marceline, MO Car Loan Rates Determined?
Various factors influence your Missouri car loan rate, Including your credit score, your income, the amount of the loan, 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 Marceline dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the life of your loan. 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 Marceline Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Marceline, MO. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you can control. Most auto loans in Marceline have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract 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 smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what might work for your budget.
If your credit is far from great, increasing your score could bring your interest rate down. 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. 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 achieve a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Marceline, MO — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Don't forget some lenders leave room 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.
Use myAutoloan to Check the Best Auto Loan Rates in Marceline, MO
myAutoloan wants to help you find the lowest auto loan rates in Marceline, 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. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Marceline dealer to purchase a new ride. Apply now to check today's lowest interest rates!