How Are Car Loan Rates in Sun Prairie, WI Calculated?
Many factors impact your Wisconsin car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Sun Prairie dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Sun Prairie, WI?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Sun Prairie, WI. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most auto loans in Sun Prairie are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers 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 bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, improving your score could help lower your interest rate. 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 time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Wisconsin.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Sun Prairie, WI — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Sun Prairie, WI
myAutoloan is committed to helping you find the lowest auto loan rates in Sun Prairie, WI regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Fill out our simple and secure online application, select the best loan for you, and visit your Sun Prairie dealer to purchase a new car. Apply now to see today's lowest interest rates!