How Are Dover, OH Car Loan Rates Determined?
Several factors contribute to your Ohio car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Dover dealership 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. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Dover Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Dover, OH. If you've put in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most Dover car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms tend to also 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 your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, improving your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Ohio auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Dover, OH — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there could be a better one right 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.
Discover the Best Auto Loan Rates in Dover, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Dover, 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. Complete our secure online application, pick the loan that works best for you, and head to your Dover dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!