What Determines Your Auto Loan Rate in Aurora, OH?
Various factors contribute to your Ohio auto loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, 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 Aurora might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes 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 Aurora, OH?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Aurora, OH. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most car loans in Aurora have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). 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 you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you can afford.
If you have less than ideal credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower Ohio auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Aurora, OH — even without 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. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Aurora, OH with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Aurora, OH regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!