What Determines Your Auto Loan Rate in Genoa, OH?
Many factors affect your Ohio car 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 Genoa could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Genoa, 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 Genoa, OH. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Genoa 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what might be affordable.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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'll be worth it once you see those lower Ohio auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Genoa, OH — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Genoa, OH with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Genoa, 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 find the best deal. Fill out our secure online application, choose the best loan for you, and head to your Genoa dealer to purchase a new ride. Apply now to see today's lowest interest rates!