How Are Marietta, OH Auto Loan Rates Determined?
Several factors affect your Ohio auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Marietta could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Marietta, OH?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you start applying for auto loans in Marietta, OH. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Marietta auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If your budget allows for 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 see what might work for your budget.
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 which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, 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 secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Marietta, 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. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Marietta, OH
myAutoloan is here to help you get the lowest auto loan rates in Marietta, OH no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, pick the loan that works best for you, and head to your Marietta dealer to purchase a new ride. Apply now to see today's lowest interest rates!