What Determines Your Auto Loan Rate in Elkhorn, WI?
Many factors impact your Wisconsin car loan 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 Elkhorn dealership could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Elkhorn, WI?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Elkhorn, WI. If you've put in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have a lot of control over. Most car loans in Elkhorn 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. 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 your possible monthly payment with different terms and interest rates to help you determine what might be affordable.
If you have less than ideal credit, raising your score could help lower 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 today to bring it up quickly. 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 will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Elkhorn, WI — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget 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.
See the Best Auto Loan Rates in Elkhorn, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Elkhorn, 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 best deal. Fill out our secure online application, choose the loan that looks best to you, and head down to a dealer in Elkhorn to purchase a new ride. Apply today to see the current lowest interest rates!