How Are Brighton, MI Auto Loan Rates Determined?
Several factors contribute to your Michigan car loan interest 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 Brighton could mean a higher interest rate. But why worry 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 the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Brighton Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Brighton, MI. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Brighton auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely 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 estimates what your monthly payment could be based on different interest rates and terms to help you determine what might work for your budget.
If you have less than ideal credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower Michigan car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Brighton, MI — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Brighton, MI
myAutoloan is dedicated to helping you find the lowest car loan rates in Brighton, MI no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Brighton dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!