What Determines Your Auto Loan Rate in Findlay, OH?
Various factors contribute to your Ohio auto loan interest 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Findlay could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Findlay, OH?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Findlay, OH. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most car loans in Findlay have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you determine what you can afford.
If your credit is less than stellar, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Findlay, OH — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Findlay, OH
myAutoloan is committed to helping you find the lowest auto loan rates in Findlay, OH no matter your credit score or the type of car you're buying. We'll show you 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 down to a dealer in Findlay to purchase a new ride. Apply now to check today's lowest interest rates!