How Are La Crosse, WI Car Loan Rates Determined?
Various factors contribute to your Wisconsin car loan interest rate, including your income, your credits core, the loan amount, 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 La Crosse might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in La Crosse, WI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in La Crosse, WI. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most La Crosse car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's wise 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 figure out what you might be able to afford.
If your credit is far from great, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some effort and time to increase 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 use the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in La Crosse, WI — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in La Crosse, WI
myAutoloan is here to help you get the lowest auto loan rates in La Crosse, WI no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Fill out our secure online application, choose the best loan for you, and head to your La Crosse dealer to purchase a new ride. Apply now to check today's lowest interest rates!