How Are Waukesha, WI Car Loan Rates Determined?
Various factors influence your Wisconsin auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Waukesha could mean a higher interest rate. But what's so bad 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. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Waukesha Car Loan Rate?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you complete an application for a car loan in Waukesha, WI. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you have a lot of control over. Most car loans in Waukesha have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, boosting your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Wisconsin.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at 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 Waukesha, WI — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Waukesha, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Waukesha, WI regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Waukesha dealer to purchase a new car. Apply today to see the current lowest interest rates!