How Are Canton, OH Auto Loan Rates Determined?
Various factors contribute to your Ohio auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Canton could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Canton, OH?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Canton, 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 car loans in Canton 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 usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, boosting your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Ohio.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Canton, OH — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Canton, OH
myAutoloan is committed to helping you find the lowest auto loan rates in Canton, 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 perfect loan. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!