What Determines Your Auto Loan Rate in Burlington, WI?
Many factors influence your Wisconsin auto loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Burlington dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Burlington Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you complete an application for a car loan in Burlington, WI. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most car loans in Burlington are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend 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 estimates what your monthly payment could be based on different interest rates and terms to help you determine what you can afford.
If you have less than stellar credit, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Wisconsin auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Burlington, WI — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one could be right 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.
Use myAutoloan to Check the Best Auto Loan Rates in Burlington, WI
myAutoloan is dedicated to helping you find the lowest car loan rates in Burlington, WI no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and head down to a dealer in Burlington to purchase a new ride. Apply now to check today's lowest interest rates!