What Determines Your Auto Loan Rate in Harrison, OH?
Many factors impact your Ohio auto loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Harrison could lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Harrison, OH?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Harrison, OH. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Harrison have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher 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 you can afford.
If you have less than stellar credit, raising your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through 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's worth it to get those lower Ohio car 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 won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Harrison, OH — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders are open to 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 Harrison, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Harrison, OH no matter what type of car you're buying or your credit score. You can look at 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 visit your Harrison dealer to purchase a new car. Apply now to see today's lowest interest rates!