What Determines Your Auto Loan Rate in Fowlerville, MI?
Various factors contribute to your Michigan car loan interest rate, including your credit score, the amount of the loan, your income, 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 Fowlerville dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is 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 Fowlerville, MI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Fowlerville, MI. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Fowlerville 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 typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, boosting your score could lower 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'll be worth it once you see those lower Michigan auto loan rates.
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 won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Fowlerville, 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 could be right around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
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