How Are Car Loan Rates in Saint Louis, MO Calculated?
Various factors contribute to your Missouri car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Saint Louis dealership could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Saint Louis, MO?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Saint Louis, MO. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most Saint Louis auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your 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 all worth it for getting those lower auto loan rates in Missouri.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Saint Louis, MO — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Saint Louis, MO with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Saint Louis, 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 find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and visit your Saint Louis dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!