How Are Car Loan Rates in Ashland, WI Calculated?
Several factors influence your Wisconsin auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Ashland could mean 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 over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Ashland Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Ashland, WI. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Ashland auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, improving your score could 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 will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Wisconsin.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Ashland, WI — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Ashland, WI with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Ashland, WI no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the best loan for you, and visit your Ashland dealer to purchase a new car. Apply today to see the current lowest interest rates!