How Are Jefferson, WI Auto Loan Rates Determined?
Various factors contribute to 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 poor credit score, low income, or buying an older vehicle from a dealer in Jefferson could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Jefferson, WI?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Jefferson, WI. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most Jefferson car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also 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 what your monthly payment might be based on different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Wisconsin car 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 receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Jefferson, WI — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Jefferson, WI
myAutoloan is committed to helping you find the lowest auto loan rates in Jefferson, 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, select the best loan for you, and visit your Jefferson dealer to purchase a new car. Apply now to check today's lowest interest rates!