What Determines Your Auto Loan Rate in Kewaunee, WI?
Many factors impact your Wisconsin auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Kewaunee dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Kewaunee, WI?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Kewaunee, WI. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most auto loans in Kewaunee have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
If you have less than ideal 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, 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, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Kewaunee, WI — even without a high income or credit score. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget 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.
Find the Best Auto Loan Rates in Kewaunee, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Kewaunee, 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 perfect loan. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Kewaunee to purchase a new ride. Apply today to see the current lowest interest rates!