How Are Bowling Green, OH Car Loan Rates Determined?
Various factors influence your Ohio auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bowling Green dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Bowling Green, 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 Bowling Green, OH. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most Bowling Green auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what might be affordable.
If you have less than ideal credit, raising 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 will take some effort and time to build, 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 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 compare offers and shop around for the best auto loan rate in Bowling Green, OH — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Bowling Green, OH with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Bowling Green, OH no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, select the best loan for you, and head to your Bowling Green dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!