What Determines Your Auto Loan Rate in Oxford, NE?
Several factors influence your Nebraska auto loan interest rate, Including your credit score, your income, the amount of the loan, 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 Oxford dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Oxford, NE?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Oxford, NE. If you've put in your information and don't like the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most auto loans in Oxford are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually 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 estimates what your monthly payment could be with different interest rates and terms to help you see what might be affordable.
If you have less than ideal 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. Your credit score will take some effort and time to build, but it's worth it to get those lower Nebraska car loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Oxford, NE — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders allow for negotiation, 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 Oxford, NE with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Oxford, NE 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 get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Oxford dealer to purchase a new ride. Apply now to see today's lowest interest rates!