What Determines Your Auto Loan Rate in Stevens Point, WI?
A handful of factors influence your Wisconsin car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Stevens Point could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.
Is There a Way to Lower My Stevens Point Car Loan Rate?
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 Stevens Point, WI. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most car loans in Stevens Point have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what you might be able to afford.
If you have less than stellar credit, boosting your score could help lower 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 to bring it up fast. Your credit score may take some more time and work, but it'll be worth it once you see 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, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Stevens Point, WI — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders are open to 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 Stevens Point, WI
myAutoloan wants to help you find the lowest auto loan rates in Stevens Point, WI no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Stevens Point to purchase a new ride. Don't wait to apply and check today's lowest interest rates!