How Are Car Loan Rates in Rapid City, SD Calculated?
Several factors influence your South Dakota 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 poor credit score, low income, or buying an older vehicle from a dealer in Rapid City could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Rapid City, SD?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Rapid City, SD. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Rapid City auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms 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 higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you can afford.
If your credit is less than stellar, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower South Dakota auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Rapid City, SD — even without a high income or credit score. 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 allow for negotiation, 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 Rapid City, SD with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Rapid City, SD regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head to your Rapid City dealer to purchase a new ride. Apply today to see the current lowest interest rates!