Are you looking to learn about car loan interest rates and secure financing? Morris Smith Ford of Larned is here to help! We understand the importance of finding the best financing option to fit your needs. Our knowledgeable staff will work with you to find the best interest rate for you and secure financing on your new or used Ford vehicle.
We have a variety of auto loan options available, and our team will be able to help you find the best one for you. Plus, we've gathered some common car loan interest rate FAQs below for you to review before you stop by. Visit us today or contact our Ford dealership near Great Bend to get started!
Typical Car Loan Questions & Answers
How do car loans work?
When you take out a car loan, the cost of the vehicle is divided up, usually into monthly payments. You must provide information such as your income to be approved for an auto loan. The car loan's interest rate is determined by a lender, with the monthly payment based on the vehicle and how much money is being borrowed in sum. You typically also have to make a down payment to secure an auto loan. Get in touch today to learn how to finance the new or used Ford near Great Bend you want most!
What should you consider when choosing a car loan?
There are many factors to consider when choosing a car loan plan. For starters, it's imperative to pick an auto financing plan you can afford each month while also accounting for other bills you have to pay. You'll also want to pay attention to the car loan interest rate you decide on, as that can play a major role in you affording the vehicle. Fortunately, our Ford finance experts are here to answer all your questions!
What's an average auto loan interest rate?
Because car loan interest rates can vary depending on the state of the economy, the average rate can fluctuate. The Annual Percentage Rate (APR) available to you will also be based on the vehicle, your credit score and the length of the loan period. Right now, the average APR for a new car for shoppers with good credit is about 8%, while used car APR for buyers with good credit is about 10%, based on data from Experian.1
What's a good car interest rate right now?
This can vary based on your credit score, the car loan length and other factors. In the past, interest rates between 3% and 4.5% were considered good for a car loan. Nowadays, good car loan rates range anywhere from 5% to 6.5%. This range works well for most borrowers and may allow you to pay off a larger amount of the principal payment over the duration of the loan!
Contact Morris Smith Ford of Larned if you want to speak with our Ford financing specialists about securing a low car loan interest rate in Kansas. No matter your budget or the type of vehicle you're looking at, we'll do all we can to get you behind the wheel for a value you can comfortably afford each month!