How Are Platteville, WI Auto Loan Rates Determined?
Various factors affect your Wisconsin auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Platteville dealer could result in 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 in total. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Platteville Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Platteville, WI. If you've put 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 Platteville car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, 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 to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower Wisconsin car loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Platteville, WI — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Platteville, WI
myAutoloan is committed to helping you find the lowest auto loan rates in Platteville, WI no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the best loan for you, and head to your Platteville dealer to purchase a new ride. Apply now to see today's lowest interest rates!