How Are Car Loan Rates in Hayward, WI Calculated?
Several factors impact your Wisconsin auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Hayward could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Hayward, WI?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Hayward, WI. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Hayward auto 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 the monthly payment is usually lower. 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 what your monthly payment might be based on different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, raising 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Wisconsin.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Hayward, WI — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just 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.
See the Best Auto Loan Rates in Hayward, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Hayward, WI no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and visit your Hayward dealer to purchase a new car. Apply now to see today's lowest interest rates!