What Determines Your Auto Loan Rate in Shawnee, OK?
Various factors impact your Oklahoma auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Shawnee could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Shawnee, OK?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Shawnee, OK. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most Shawnee auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's smart 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 decide what you might be able to afford.
If you have less than ideal credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. It may take some time and work to better your credit score, 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 get a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Shawnee, OK — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
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