How Are Janesville, WI Car Loan Rates Determined?
Various factors contribute to your Wisconsin car loan rate, including the loan amount, your credit score, 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 Janesville dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Janesville, WI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Janesville, WI. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Janesville auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what might work for your budget.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up 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 secure 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 shop around and compare offers to find the best auto loan rate in Janesville, 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 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.
Discover the Best Auto Loan Rates in Janesville, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Janesville, WI no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!