How Are Car Loan Rates in Clinton Township, MI Calculated?
A handful of factors impact your Michigan auto loan rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Clinton Township dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Clinton Township, MI?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Clinton Township, MI. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most car loans in Clinton Township 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 handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, boosting your score could decrease 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 today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Michigan auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Clinton Township, MI — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Clinton Township, MI
myAutoloan is here to help you get the lowest auto loan rates in Clinton Township, MI regardless of your credit score and the type of car you're buying. You can see 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 Clinton Township dealer to purchase a new ride. Apply now to check today's lowest interest rates!