Exploring Auto Loans and Interest Rates in Minnesota

Examples of How Interest Rates Affect Your Savings

Frequently Asked Questions

• What are some rates I can expect on an auto loan?

  Interest rates through many lenders are north of 7% for the first time in over a decade, a stark contrast to the 4.5% on average as recently as March of 2022. However, at Walser Automotive, we can offer rates far more competitive than that, saving you thousands in interest payments

• What is defined as “excellent” credit?

  Excellent credit is based on a variety of factors, though it is typically considered excellent over 750. Credit is impacted by payment history, debt-to-income ratio, number of open loans, types of loans open and paid off (installment vs. rotating) and length of credit history

• How does shopping for a car affect my credit?

  Shopping for a car loan can potentially impact your credit score, as will taking out the loan. When taking out a car loan, you will see a dip in your credit, however once you start paying back the loan, you may see a raise in your credit in as little as 60 to 120

• How long should my auto loan be?

  There is no set answer for this, as every buyer has different needs and situations. It’s typical to see loans anywhere from 36 to 72 months. Longer loans typically offer lower monthly payments, whereas a shorter loan would offer less interest. Again, there is no set answer and every customer will have their own set of circumstances, so while all information can be helpful it’s important to remember that all car deals offer their own unique flavor