How Are Owosso, MI Auto Loan Rates Determined?
Various factors contribute to your Michigan auto loan interest rate, including the loan amount, your credit score, your income, 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 Owosso could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Owosso, MI?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you complete an application for a car loan in Owosso, MI. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most auto loans in Owosso have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms are also likely to 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 terms and interest rates to help you determine what you can afford.
If your credit is far from great, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, 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 achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Owosso, MI — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Owosso, MI
myAutoloan is here to help you get the lowest auto loan rates in Owosso, MI regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Owosso dealer to purchase a new ride. Apply today to see the current lowest interest rates!