What Determines Your Auto Loan Rate in Omaha, NE?
Various factors influence your Nebraska auto 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 Omaha could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Omaha, NE?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Omaha, NE. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most auto loans in Omaha have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you can afford.
If you have less than ideal credit, raising 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 effort and time to increase your credit score, but it's worth it to get those lower Nebraska car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Omaha, NE — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Omaha, NE with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Omaha, NE regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and head to your Omaha dealer to purchase a new ride. Apply today to see the current lowest interest rates!