What Determines Your Auto Loan Rate in Heath, OH?
A handful of factors affect 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 Heath could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Heath, OH?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Heath, OH. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can control. Most car loans in Heath have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms are also likely to 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 what your monthly payments might look like depending on different interest rates and terms to help you see what might be affordable.
If you have less than stellar credit, 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 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.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Heath, OH — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one 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.
See the Best Auto Loan Rates in Heath, OH with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Heath, OH regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Heath to purchase a new ride. Apply today to see the current lowest interest rates!