How Are Clinton Twp, MI Auto Loan Rates Determined?
Many factors influence your Michigan car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, 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 Clinton Twp 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 is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Clinton Twp, MI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Clinton Twp, MI. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most auto loans in Clinton Twp 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 usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you determine what you can afford.
If your credit is far from great, raising 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 the steps you can take now to raise it 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 Michigan.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Clinton Twp, MI — even without a high income or credit score. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Clinton Twp, MI
myAutoloan is here to help you get the lowest auto loan rates in Clinton Twp, MI regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Clinton Twp dealer to purchase a new ride. Apply now to check today's lowest interest rates!