How Are Car Loan Rates in Marshall, MI Calculated?
Many factors impact your Michigan auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Marshall dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Marshall, MI?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before having to apply for a car loan in Marshall, MI. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one element you can control. Most Marshall auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you might be able to afford.
If you have less than ideal credit, raising your score could 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.
Waiting to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Marshall, MI — even without a high income or credit score. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Marshall, MI
myAutoloan is dedicated to helping you find the lowest car loan rates in Marshall, MI no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Marshall dealer to purchase a new ride. Apply now to check today's lowest interest rates!