How Are Car Loan Rates in Saint Paul, MN Calculated?
A handful of factors affect your Minnesota auto loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Saint Paul dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Saint Paul, MN?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Saint Paul, MN. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most Saint Paul car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. 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 shows your possible monthly payment with different terms and interest rates to help you decide what might work for your budget.
If your credit is less than stellar, 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 which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Minnesota auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Saint Paul, MN — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Saint Paul, MN with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Saint Paul, MN regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and head to your Saint Paul dealer to purchase a new ride. Apply now to check today's lowest interest rates!