What Determines Your Auto Loan Rate in Kent, OH?
Many factors impact your Ohio auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Kent could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is 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 Do I Get a Lower Car Loan Interest in Kent, OH?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Kent, OH. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Kent auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. 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 get a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Kent, OH — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one could be right around the corner. And, 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 Kent, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Kent, OH regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Kent dealer to purchase a new car. Apply today to see the current lowest interest rates!