How Are Saint Cloud, MN Auto Loan Rates Determined?
Many factors affect your Minnesota auto 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Saint Cloud could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Saint Cloud, MN?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Saint Cloud, MN. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most car loans in Saint Cloud have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. 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 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 will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Minnesota auto loan rates.
Waiting to find 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 Saint Cloud, MN — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right 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.
Discover the Best Auto Loan Rates in Saint Cloud, MN with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Saint Cloud, MN no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our 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!