How Are Manitowoc, WI Car Loan Rates Determined?
Many factors affect your Wisconsin car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Manitowoc 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 higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Manitowoc, WI?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Manitowoc, WI. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most auto loans in Manitowoc have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to 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 payments might look like with different interest rates and terms to help you see what might be affordable.
If your credit is far from great, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. 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.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Manitowoc, WI — even without the best credit or income. You shouldn't 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 an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Manitowoc, WI with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Manitowoc, WI regardless of what type of vehicle 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 best loan for you, and head to your Manitowoc dealer to purchase a new ride. Apply now to see today's lowest interest rates!