What Determines Your Auto Loan Rate in Marion, OH?
Various factors impact your Ohio car loan rate, including your income, your credits core, the loan amount, 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 Marion could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment 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.
Is There a Way to Lower My Marion Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Marion, OH. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most Marion auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what might work for your budget.
If your credit is far from great, raising your score could 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 to bring it up fast. Your credit score will take some effort and time to build, but it's worth it to get those lower Ohio car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Marion, OH — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting 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.
Find the Best Auto Loan Rates in Marion, OH with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Marion, 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 right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and visit your Marion dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!