How Are Akron, OH Auto Loan Rates Determined?
Various factors impact your Ohio auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Akron could mean a higher interest rate. But is a high interest rate so bad? 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 overall.
Can I Lower My Car Loan Rate in Akron, OH?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Akron, OH. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most car loans in Akron are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Ohio car loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Akron, OH — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Akron, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Akron, OH no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and visit your Akron dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!