How Are Wayland, MI Car Loan Rates Determined?
Many factors influence your Michigan auto loan interest rate, including your credit score, the amount of the loan, your income, 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 Wayland dealer could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Wayland, MI?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Wayland, MI. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most auto loans in Wayland have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend 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 what your monthly payment might be with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it for those lower Michigan auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use 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 Wayland, MI — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders leave room 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 Wayland, MI
myAutoloan is here to help you get the lowest auto loan rates in Wayland, MI regardless of your credit score and the type of car you're buying. We'll show you 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 visit your Wayland dealer to purchase a new car. Apply today to see the current lowest interest rates!