How Are Wisconsin Rapids, WI Auto Loan Rates Determined?
A handful of factors influence your Wisconsin auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Wisconsin Rapids dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, 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 Wisconsin Rapids Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Wisconsin Rapids, WI. If you've supplied your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most Wisconsin Rapids car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you decide what might be affordable.
If you have less than stellar credit, improving your score could lower 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 effort and time to increase your credit score, but it's worth it for those lower Wisconsin auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Wisconsin Rapids, WI — even without a high income or credit score. You shouldn't 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 your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Wisconsin Rapids, WI with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Wisconsin Rapids, WI regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Wisconsin Rapids dealer to purchase a new car. Apply today to see the current lowest interest rates!