What Determines Your Auto Loan Rate in Saginaw, MI?
Many factors affect your Michigan car loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Saginaw dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Saginaw, MI?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Saginaw, MI. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most Saginaw auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take 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, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 achieve a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Saginaw, MI — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive 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 another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Saginaw, MI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Saginaw, MI regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!