How Are Car Loan Rates in Missoula, MT Calculated?
Various factors contribute to your Montana auto loan interest rate, Including your credit score, your income, the amount of the loan, 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 Missoula dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is 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 overall.
How Do I Lower My Auto Loan Rate in Missoula, MT?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Missoula, MT. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most Missoula 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 usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might be affordable.
If your credit is far from great, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand 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'll be worth it once you see those lower Montana auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Missoula, MT — 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. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Missoula, MT
myAutoloan is dedicated to helping you find the lowest car loan rates in Missoula, MT regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!