How Are Winona, MN Auto Loan Rates Determined?
Several factors impact your Minnesota auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Winona dealer 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 overall.
How Do I Get a Lower Car Loan Interest in Winona, MN?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Winona, MN. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most auto loans in Winona 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 they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, 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 which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Minnesota car loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, 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 Winona, MN — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive 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.
Discover the Best Auto Loan Rates in Winona, MN with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Winona, MN 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 get the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Winona dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!