How Are Lakewood, OH Car Loan Rates Determined?
A handful of factors affect your Ohio car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Lakewood 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. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Lakewood, OH?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Lakewood, OH. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you can control. Most Lakewood 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 have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, boosting your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Ohio.
Taking the time to hunt down 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. You need to compare offers and shop around for the best auto loan rate in Lakewood, OH — even without a high income or credit score. You don't want to choose the first offer you get because there might be a better one just around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Lakewood, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Lakewood, OH no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Complete our secure online application, select the best loan for you, and head to your Lakewood dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!