What Determines Your Auto Loan Rate in Flint, MI?
Many factors influence your Michigan car 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Flint dealer could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Flint, MI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Flint, MI. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most Flint auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for 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 determine what you can afford.
If you have less than ideal credit, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower Michigan auto loan rates.
Putting effort into finding the right lender can also help you get 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 Flint, 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 there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, 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 Flint, MI
myAutoloan is dedicated to helping you find the lowest car loan rates in Flint, MI regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Flint to purchase a new ride. Apply today to see the current lowest interest rates!