What Determines Your Auto Loan Rate in Grantsburg, WI?
A handful of factors influence your Wisconsin auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Grantsburg could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Grantsburg, WI?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Grantsburg, WI. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Grantsburg 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. 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 depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, increasing 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 the steps you can take now to raise it quickly. 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.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Grantsburg, WI — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, some lenders allow 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 Grantsburg, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Grantsburg, WI regardless of what type of vehicle 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, pick the loan that works best for you, and head down to a dealer in Grantsburg to purchase a new ride. Apply now to check today's lowest interest rates!