What Determines Your Auto Loan Rate in Whitewater, WI?
Many factors contribute to your Wisconsin auto loan rate, including the loan amount, your credit score, your income, 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 Whitewater could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Whitewater Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Whitewater, WI. If you've filled out 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 Whitewater car loans 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 your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what might be affordable.
If your credit is far from great, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. 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.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Whitewater, 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 might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, 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 Whitewater, WI
myAutoloan is committed to helping you find the lowest auto loan rates in Whitewater, 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 find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Whitewater dealer to purchase a new ride. Apply now to see today's lowest interest rates!