How Are Dayton, OH Car Loan Rates Determined?
Many factors contribute to your Ohio auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Dayton dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
Is There a Way to Lower My Dayton Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Dayton, OH. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most Dayton car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers 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 smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, increasing your score could bring your interest rate down. 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 may take some more time and work, but it'll be worth it once you see those lower Ohio auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Dayton, OH — even without a high income or credit score. You shouldn't automatically 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.
Find the Best Auto Loan Rates in Dayton, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Dayton, OH regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Dayton to purchase a new ride. Don't wait to apply and check today's lowest interest rates!