How Are Grandville, MI Car Loan Rates Determined?
A handful of factors influence your Michigan auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Grandville could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Grandville, MI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Grandville, MI. If you've put in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most Grandville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean 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 with different terms and interest rates to help you figure out what might work for your budget.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Michigan car loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Grandville, MI — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders allow for 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 Grandville, MI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Grandville, MI no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and visit your Grandville dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!