How Are Car Loan Rates in Wausau, WI Calculated?
Many factors contribute to your Wisconsin car loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Wausau might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Wausau, WI?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Wausau, WI. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most auto loans in Wausau have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, raising 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 will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Wisconsin.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Wausau, WI — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Wausau, WI with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Wausau, 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 get the right deal. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Wausau to purchase a new ride. Don't wait to apply and check today's lowest interest rates!