How Are Macomb, MI Car Loan Rates Determined?
Various factors affect your Michigan car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Macomb dealer could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Macomb, MI?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Macomb, MI. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most Macomb auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers 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 your possible monthly payment with different interest rates and terms to help you decide what you might be able to afford.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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 some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Macomb, MI — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Macomb, MI
myAutoloan is committed to helping you find the lowest auto loan rates in Macomb, MI no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Macomb dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!