What Determines Your Auto Loan Rate in Brillion, WI?
Many factors influence your Wisconsin auto loan interest 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, poor credit score, or choosing an older vehicle at your Brillion dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month 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 you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Brillion, WI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Brillion, 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 element you have total control over. Most auto loans in Brillion have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you see what might be affordable.
If your credit is less than stellar, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Wisconsin auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at 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 Brillion, WI — 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 might be waiting just around the corner. And, 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.
Find the Best Auto Loan Rates in Brillion, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Brillion, WI regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and head down to a dealer in Brillion to purchase a new ride. Apply now to see today's lowest interest rates!