How Are Appleton, WI Car Loan Rates Determined?
Many factors influence your Wisconsin 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 Appleton dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Appleton, WI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Appleton, WI. If you've supplied your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can control. Most car loans in Appleton have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, increasing 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 the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it'll be worth it once you see those lower Wisconsin auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Appleton, WI — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Appleton, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Appleton, WI no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and visit your Appleton dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!