How Are White Lake, MI Auto Loan Rates Determined?
A handful of factors affect your Michigan car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your White Lake dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in White Lake, MI?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in White Lake, MI. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most White Lake car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend 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 estimates what your monthly payment could be with different terms and interest rates to help you determine what might work for your budget.
If your credit is less than stellar, improving your score could decrease 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 will take some effort and time to build, but it'll be worth it once you see those lower Michigan auto loan rates.
Putting effort into finding 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. Shopping around and comparing offers will help you find the best auto loan rate in White Lake, MI — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in White Lake, MI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in White Lake, MI no matter your credit score or 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 secure online application, choose the loan that looks best to you, and head to your White Lake dealer to purchase a new ride. Apply now to check today's lowest interest rates!