How Are Claremore, OK Auto Loan Rates Determined?
A handful of factors impact your Oklahoma car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Claremore could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, 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 Claremore Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Claremore, OK. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Claremore are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Oklahoma car loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Claremore, OK — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. Don't forget some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Claremore, OK
myAutoloan is dedicated to helping you find the lowest car loan rates in Claremore, OK no matter what type of car 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, select the best loan for you, and visit your Claremore dealer to purchase a new car. Apply now to see today's lowest interest rates!