How Are Oshkosh, WI Car Loan Rates Determined?
Several 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Oshkosh dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is 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 Get a Lower Car Loan Interest in Oshkosh, WI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Oshkosh, WI. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most auto loans in Oshkosh have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what you can afford.
If you have less than ideal credit, raising 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 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.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Oshkosh, WI — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Oshkosh, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Oshkosh, WI no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, select the best loan for you, and visit your Oshkosh dealer to purchase a new car. Apply today to see the current lowest interest rates!