How Are Ravenna, OH Car Loan Rates Determined?
A handful of factors affect your Ohio auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, 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 Ravenna might lead to 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 term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Ravenna Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Ravenna, OH. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most Ravenna car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, 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 how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Ohio.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Ravenna, OH — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Ravenna, OH with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Ravenna, OH no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Ravenna dealer to purchase a new ride. Apply today to see the current lowest interest rates!