How Are Groveport, OH Car Loan Rates Determined?
Several factors influence your Ohio car loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Groveport dealership could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the more you pay each month and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Groveport Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Groveport, OH. If you've supplied 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 car loans in Groveport 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, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you determine what you might be able to afford.
If your credit is far from great, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Ohio car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, 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 Groveport, OH — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Groveport, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Groveport, 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. Fill out our secure online application, pick the loan that works best for you, and visit your Groveport dealer to purchase a new car. Apply now to check today's lowest interest rates!