What Determines Your Auto Loan Rate in Inver Grove Heights, MN?
A handful of factors influence your Minnesota car loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Inver Grove Heights dealership could result in 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 spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Inver Grove Heights, MN?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Inver Grove Heights, MN. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most car loans in Inver Grove Heights have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle 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 decide what might be affordable.
If you have less than stellar credit, raising your score could help lower your interest rate. 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. Your credit score may take some more time and work, but it's worth it to get those lower Minnesota car loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Inver Grove Heights, MN — even if you don't have the highest income or best credit. 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.
Discover the Best Auto Loan Rates in Inver Grove Heights, MN with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Inver Grove Heights, MN no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and head to your Inver Grove Heights dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!