How Are Saint Joseph, MO Auto Loan Rates Determined?
A handful of factors contribute to your Missouri auto loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Saint Joseph dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month 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.
How Do I Lower My Auto Loan Rate in Saint Joseph, MO?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Saint Joseph, MO. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most auto loans in Saint Joseph have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you decide what you can afford.
If you have less than ideal credit, raising 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 how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower Missouri auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Saint Joseph, MO — even if you don't have the best credit or income. You don't want to choose the first offer you get 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 the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Saint Joseph, MO with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Saint Joseph, MO regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Saint Joseph dealer to purchase a new ride. Apply today to see the current lowest interest rates!