How Are Medford, WI Auto Loan Rates Determined?
Many factors contribute to your Wisconsin car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Medford dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Medford, WI?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Medford, WI. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Medford auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you decide what might be affordable.
If your credit is far from great, boosting your score could decrease your interest rate. 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. It may take some effort and time to increase your credit score, but it's worth it for those lower Wisconsin auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use 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 Medford, 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. Keep in mind some lenders allow for negotiation, 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 Medford, WI
myAutoloan is here to help you get the lowest auto loan rates in Medford, WI regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, pick the loan that works best for you, and head to your Medford dealer to purchase a new ride. Apply today to see the current lowest interest rates!