How Are Grand Haven, MI Auto Loan Rates Determined?
A handful of factors influence your Michigan auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Grand Haven might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Grand Haven, MI?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Grand Haven, MI. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most Grand Haven car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, boosting your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Michigan car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Grand Haven, MI — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Grand Haven, MI with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Grand Haven, MI no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Grand Haven dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!