What Determines Your Auto Loan Rate in Mansfield, OH?
Several factors influence your Ohio car loan interest 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, poor credit score, or choosing an older vehicle at your Mansfield dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, 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.
Is There a Way to Lower My Mansfield Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Mansfield, OH. If you've filled out your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Mansfield are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar credit, boosting your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. 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 snag a lower rate. While lenders will use 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 Mansfield, OH — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Mansfield, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Mansfield, 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 get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Mansfield to purchase a new ride. Apply today to see the current lowest interest rates!