What Determines Your Auto Loan Rate in Oxford, OH?
Various factors impact your Ohio auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Oxford dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Oxford, OH?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Oxford, OH. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Oxford auto loans 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. But longer terms tend to also 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 your possible monthly payment based on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, boosting your score could decrease 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. It may take some time and work to better 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 snag a lower rate. While lenders take the same information into consideration, 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 Oxford, OH — even without a high income or credit score. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Oxford, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Oxford, OH regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Oxford dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!