What Determines Your Auto Loan Rate in Guthrie, OK?
Various factors contribute to your Oklahoma 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 Guthrie dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Guthrie, OK?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Guthrie, OK. If you've filled out your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Guthrie have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. However, longer terms also tend 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 your possible monthly payment based on different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Oklahoma auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Guthrie, OK — 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. And, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Guthrie, OK with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Guthrie, OK 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 find the best deal. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!