How Are Perryville, MO Car Loan Rates Determined?
A handful of factors contribute to your Missouri auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Perryville might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, 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 Do I Lower My Auto Loan Rate in Perryville, MO?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Perryville, MO. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most Perryville car loans 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 typically have a lower monthly payment. But longer terms are also likely 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 shows what your monthly payments might look like based on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar credit, raising your score could help lower 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 to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower Missouri car loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Perryville, MO — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Perryville, MO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Perryville, 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. Simply complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!