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How To Get the Best Auto Loan Rates in Wisconsin

Discover how to secure the best auto loan rates in Wisconsin. Save on your vehicle purchase and start driving with confidence when you partner with a credit union.

If you’re shopping for a new set of wheels, you’re probably looking for the most competitive auto loan rates Wisconsin lenders can offer. After all, who doesn’t want to save money and get the most vehicle for their buck?

Good news! By doing your research and finding Capital Credit Union, you’re already one step ahead of the game. We focus on passing along profits to our members. Want to maximize your savings with higher returns? Want to save money on your auto loan purchase with the best possible rate? We’re your team.

Here are some tips for getting the best auto loan rates in the Badger State.

Improve Your Credit

Like other loan interest rates, your auto loan rate is based on market conditions and your creditworthiness. While you may be unable to control the market, you can certainly take control of your credit score.

If your credit score is fair or poor, work on improving it so you’re able to qualify for a more competitive rate. Make on-time payments and keep your credit card balances low, for instance.

While it can take some time and patience, there are actionable steps you can take to significantly improve your credit score and, along with it, your auto loan rate. Experian Boost, for example, allows you to improve your credit by simply paying your bills on time. These monthly on-time payments are added to your Experian credit report and factored into your credit score to give it a jumpstart.

You should also monitor your credit report on a regular basis to ensure all the information reflected in your report is accurate. If you notice something that doesn’t look quite right, dispute it with the credit bureau. The better your credit, the better the chance of qualifying for a competitive auto loan rate. So be proactive in building good credit or raising your score if it needs a little improvement.

Shop Around

Once your credit score is in a good place, it’s time to shop around and compare interest rates. But wait—if you shop around, won’t your credit score take a hit? Not necessarily. You simply have to be a smart shopper.

For certain types of loans, you’re expected to shop around for the best possible interest rate. Multiple credit inquiries on auto loans, for instance, are treated collectively as a single inquiry so long as all the inquiries are made within a certain timeframe.

So take the time to compare lenders and auto loan rates, but don’t take too much time. Since you have a limited window of opportunity, you should compare rates sooner rather than later.

Work With a Credit Union

You have many options for financing your auto loan. You can apply for a loan with your local bank, auto dealership, or community credit union. We encourage you to do your research and see what each has to offer. But if you want the most competitive auto loan rate you can get, your community credit union should be your top choice.

Unlike banks and auto dealerships, credit unions don’t exist to turn a profit. We’re here to serve our members, so we pass our profits along to them. That enables us to offer higher returns on savings and lower interest rates on loans.

Our auto and motorcycle loans have competitive APRs. We can also assist you with an auto loan refinance or help you secure financing for a recreational vehicle purchase, such as a boat, snowmobile, or ATV.

Joining a credit union is often quick and easy. To qualify for membership with Capital Credit Union, you simply need to live or work in one of the 12 northeast Wisconsin communities we serve. You may also qualify if you have a family member who is already a member.

If you’re ready to save money with our great rates, simply fill out our online application. You’ll be joining more than 100,000 others who have realized working with a credit union is one of the smartest financial moves they can make.

Select the Right Loan Term

Did you know that your auto loan rate is sometimes impacted by the loan term you select? Oftentimes, the shorter the loan term, the lower your interest rate. That means you’ll not only save money over the life of the loan, but you’ll also pay off the loan much more quickly.

For instance, Capital Credit Union offers loan terms ranging from 36 months to 84 months. This gives you a range of options so you can select the loan term that fits your financial needs the best. Opting for a 36-month loan term, for example, will net you the lowest available APR.

However, you may want to keep your monthly loan payment as low as possible. If affordability is your priority, think longer term. If you opt for a longer loan term, you’ll make more monthly payments, but the amount you pay each month will be lower than if you opt for a shorter loan term. Though you’ll pay a higher interest rate on your auto loan, credit union rates are often competitive regardless of the loan term you select. Everyone’s financial situation is unique, so work with a lender that can get you the best possible rate on whatever loan term you need.

Capital Credit Union has some of the most competitive auto loan rates Wisconsin lenders are offering at the moment. So lock in a great rate today. We’ll help you get the keys to unlock your brand-new car in no time at all. We can even help you find the best deal on a vehicle with Capital CarFinder.

Ready to hit the open road? We’re ready to help you get in the driver’s seat and have as smooth a ride as possible.

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