How Are Columbus, WI Car Loan Rates Determined?
Various factors contribute to your Wisconsin car loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Columbus dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Columbus Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in Columbus, WI. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most Columbus 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 they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what you might be able to afford.
If your credit is less than stellar, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. 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.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will look at the same information, 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 Columbus, WI — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders are open to negotiation, 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 Columbus, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Columbus, WI regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!