What Determines Your Auto Loan Rate in Neenah, WI?
A handful of factors affect your Wisconsin auto loan 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 Neenah dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Neenah, WI?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Neenah, WI. If you've put in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Neenah auto 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 are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than stellar credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, 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 take the same information into consideration, 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 Neenah, WI — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders leave room for negotiation, 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 Neenah, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Neenah, WI regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Neenah to purchase a new ride. Apply today to see the current lowest interest rates!