How Are Oklahoma City, OK Auto Loan Rates Determined?
Many factors impact your Oklahoma car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Oklahoma City might lead to 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 your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Oklahoma City, OK?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Oklahoma City, OK. If you've plugged in 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 a lot of control over. Most auto loans in Oklahoma City have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, increasing your score could lower 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. Your credit score will take some effort and time to build, 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 use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Oklahoma City, 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. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Oklahoma City, OK with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Oklahoma City, 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 best deal. Fill out our secure online application, pick the loan that works best for you, and visit your Oklahoma City dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!