What Determines Your Auto Loan Rate in Solon, OH?
Several factors contribute to your Ohio auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Solon dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Solon, OH?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Solon, OH. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Solon auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you decide what you can afford.
If you have less than stellar credit, improving 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 the steps you can take now to raise it quickly. 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.
Taking some time to find the right lender can also help you get a lower rate. While lenders will look at 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 Solon, OH — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
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myAutoloan is committed to helping you find the lowest auto loan rates in Solon, OH regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!