How Are Oregon, OH Car Loan Rates Determined?
Several factors impact your Ohio auto 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 Oregon dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Oregon, OH?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Oregon, OH. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most car loans in Oregon have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what might be affordable.
If you have less than ideal credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, 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 secure a lower rate. While lenders will look at 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 Oregon, OH — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one could be right around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Oregon, OH with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Oregon, OH regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Oregon to purchase a new ride. Apply now to check today's lowest interest rates!