How Are Washington, MI Auto Loan Rates Determined?
Various factors influence your Michigan auto loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Washington could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Washington, MI?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Washington, MI. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most auto loans in Washington 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 have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you might be able to afford.
If your credit is far from great, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Michigan car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Washington, MI — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Washington, MI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Washington, MI regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Washington dealer to purchase a new car. Apply now to see today's lowest interest rates!