How Are Imlay City, MI Auto Loan Rates Determined?
Several factors contribute to your Michigan auto loan rate, including your income, your credits core, the loan amount, 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 Imlay City could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Imlay City, MI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you start applying for auto loans in Imlay City, MI. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Imlay City car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, improving your score could decrease 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 for those lower Michigan auto loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Imlay City, MI — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Imlay City, MI with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Imlay City, MI regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Imlay City dealer to purchase a new car. Apply now to see today's lowest interest rates!