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For the majority of Kansas consumers, an auto loan is necessary to purchase any new or used car, truck, or SUV. Quite often, financing is arranged on the lot, but this can take a long time. Fortunately, it’s easy to apply on the web, saving yourself a good deal of time and hassle.

A local finance expert can walk you through the process, helping you obtain an auto loan from a finance company that offers reasonable rates of interest.

Auto Loan Rates in Kansas

Only a few banks, credit unions, and auto finance websites supply car loan rates based on credit score. Instead, they give you the most affordable rate they offer. Truth be told, your annual percentage rate differs hugely based on your credit score, not to mention a range of other factors. The rates displayed below are only for informational purposes. They aren’t advertisements, and your actual rate will vary.

Credit Rating New Car Used Car
Excellent 3.3% 3.7%
Good 4.6% 5.1%
Average 7.3% 8.2%
Subprime 10.0% 10.0%
Bad 13.8% 12.9%
Very Bad 14.6% 13.3%

Used Car Loans in Kansas

It’s true that the rates of interest for a used car or truck are greater than the rates for a new one. Clever buyers, however, always go for used cars. Have a look at the comparison below, which depicts the costs of auto loans for new versus pre-owned cars and trucks.

Years Old Price APR Months Payment Interest Total
New $19,600 6.00% 60 $378.92 $3,135 $22,735
1 Year $15,680 7.50% 60 $314.20 $3,172 $18,852
2 Years $13,328 7.50% 60 $267.07 $2,696 $16,024
3 Years $11,329 7.50% 60 $227.01 $2,292 $13,620

A used car is a good option, regardless of whether you’re getting a loan or paying cash. Let’s consider the most popular limitations on auto loans for used cars:

  • Vehicle not more than 7-10 years old.
  • Mileage no more than 100,000.
  • Bought via dealer, not private party.

Poor Credit Auto Loans in Kansas

Your credit score is the first thing lenders check out when determining whether to approve you financing. Generally speaking, the better your credit, the lower your interest rate will be. Many times, it’s smart to consult a professional who can lead you through the process. In house loans are yet another option, provided by Kansas’s buy here pay here (BHPH) car dealers. The drawbacks are noteworthy: outrageous annual percentage rates and arrays of stipulations.

As a rule, it’s best to work with a regional bank or lender. A traditional loan company will report your repayment to the credit agencies, which means your credit score will improve if you keep making your payments on schedule.

Contact an auto finance professional near you today.

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