How Are Bellefontaine, OH Car Loan Rates Determined?
A handful of factors affect your Ohio car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bellefontaine dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, 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 Do I Lower My Auto Loan Rate in Bellefontaine, OH?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Bellefontaine, OH. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you have a lot of control over. Most Bellefontaine car loans 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 usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you determine what might work for your budget.
If you have less than ideal credit, improving your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, 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 look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Bellefontaine, OH — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. And, some lenders will negotiate, 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 Bellefontaine, OH with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Bellefontaine, OH regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!