How Are Ashland, OH Auto Loan Rates Determined?
Several factors influence your Ohio auto loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Ashland could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Ashland, OH?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you begin applying for auto loans in Ashland, OH. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most car loans in Ashland have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you decide what you might be able to afford.
If your credit is far from great, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Ohio auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Ashland, OH — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, 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.
See the Best Auto Loan Rates in Ashland, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Ashland, OH no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Ashland dealer to purchase a new car. Apply today to see the current lowest interest rates!