How Are Harrison Twp, 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 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 Harrison Twp could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Harrison Twp, MI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Harrison Twp, MI. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most Harrison Twp auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you decide 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 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 all worth it for getting those lower auto loan rates in Michigan.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use 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 Harrison Twp, MI — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Harrison Twp, MI
myAutoloan is dedicated to helping you find the lowest car loan rates in Harrison Twp, MI regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Simply complete our secure online application, select the best loan for you, and head to your Harrison Twp dealer to purchase a new ride. Apply today to see the current lowest interest rates!