How Are Dubuque, IA Auto Loan Rates Determined?
Many factors influence your Iowa car loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Dubuque dealer could mean 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 you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Dubuque, IA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Dubuque, IA. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most auto loans in Dubuque have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Iowa.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Dubuque, IA — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Dubuque, IA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Dubuque, IA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Dubuque to purchase a new ride. Apply now to check today's lowest interest rates!