What Determines Your Auto Loan Rate in Bryan, OH?
Several factors affect your Ohio auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Bryan could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Bryan, OH?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Bryan, 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 thing you can change on your own. Most Bryan auto loans 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 they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, improving your score could decrease 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 all worth it for getting those lower auto loan rates in Ohio.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Bryan, OH — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, 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.
Find the Best Auto Loan Rates in Bryan, OH with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Bryan, OH no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Bryan dealer to purchase a new ride. Apply today to see the current lowest interest rates!