How Are Car Loan Rates in Washington, MO Calculated?
A handful of factors affect your Missouri car loan 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 Washington could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Washington, MO?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Washington, MO. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can control. Most Washington car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you can afford.
If your credit is far from great, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, 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 achieve a lower rate. While lenders will consider 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 Washington, MO — even without a high income or credit score. You don't want to 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 Washington, MO with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Washington, MO no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!