How Are Okemos, MI Car Loan Rates Determined?
Several factors contribute to your Michigan car loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Okemos dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Okemos, MI?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in Okemos, MI. If you've supplied your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most auto loans in Okemos have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take 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 afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Michigan car loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Okemos, MI — even without a high income or credit score. You don't want to choose the first offer you get because a better one could be right around the corner. And, 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 Okemos, MI
myAutoloan is dedicated to helping you find the lowest car loan rates in Okemos, MI no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!