How Are Bristol, WI Car Loan Rates Determined?
Several factors impact your Wisconsin car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Bristol might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Bristol, WI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Bristol, WI. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Bristol car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If your credit is less than stellar, increasing your score could lower your interest rate. 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 time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Wisconsin.
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 won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Bristol, 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 could be right around the corner. Plus, some lenders are open to 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 Bristol, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Bristol, WI no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Bristol to purchase a new ride. Don't wait to apply and check today's lowest interest rates!