How Are East Tawas, MI Auto Loan Rates Determined?
Several factors influence your Michigan auto loan interest 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in East Tawas could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in East Tawas, MI?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in East Tawas, MI. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most car loans in East Tawas have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford 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 determine what you can afford.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in East Tawas, MI — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget 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.
Find the Best Auto Loan Rates in East Tawas, MI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in East Tawas, MI no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head down to a dealer in East Tawas to purchase a new ride. Apply now to see today's lowest interest rates!