How Are Car Loan Rates in Clinton, MI Calculated?
Many factors influence your Michigan car loan rate, including your income, your credits core, the loan amount, 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 Clinton dealer could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Clinton, MI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Clinton, MI. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most auto loans in Clinton have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you decide what might be affordable.
If you have less than ideal credit, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Michigan.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, 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, MI — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Clinton, MI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Clinton, MI regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Clinton dealer to purchase a new ride. Apply today to see the current lowest interest rates!