How Are Car Loan Rates in Prescott, WI Calculated?
Various factors influence your Wisconsin auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Prescott could result in a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Prescott, 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 Prescott, WI. If you've put in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you have total control over. Most Prescott car loans 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 tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what might be affordable.
If you have less than ideal credit, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Wisconsin car loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Prescott, WI — even without a high income or credit score. 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 will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Prescott, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Prescott, WI no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Prescott to purchase a new ride. Apply now to check today's lowest interest rates!