How Are Car Loan Rates in Cross Plains, WI Calculated?
Various factors influence your Wisconsin auto 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Cross Plains could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Cross Plains, WI?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you begin applying for auto loans in Cross Plains, WI. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one aspect you can control. Most car loans in Cross Plains have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what might be affordable.
If you have less than stellar credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Wisconsin auto loan rates.
Waiting to find the right lender can also help you achieve 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 Cross Plains, WI — even if you don't have the best credit or income. 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 leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Cross Plains, WI with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Cross Plains, 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 perfect loan. Complete our secure online application, select the best loan for you, and head to your Cross Plains dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!