How Are Hicksville, OH Car Loan Rates Determined?
Several factors contribute to 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 Hicksville could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Hicksville Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Hicksville, OH. If you've filled out your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most Hicksville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what you can afford.
If your credit is less than stellar, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Ohio auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Hicksville, OH — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one could be right around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Hicksville, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Hicksville, OH regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Hicksville dealer to purchase a new ride. Apply now to check today's lowest interest rates!