How Are Durand, MI Auto Loan Rates Determined?
Many factors affect your Michigan car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Durand dealer could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month 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.
Can I Lower My Car Loan Rate in Durand, MI?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Durand, MI. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can control. Most Durand auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, raising your score could help 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 today to bring it up quickly. 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.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will consider 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 Durand, MI — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Durand, MI with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Durand, MI regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!