How Are Stillwater, OK Car Loan Rates Determined?
Many factors impact your Oklahoma car loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Stillwater dealer could result in a higher interest rate. But why is a high interest rate 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 you spend hundreds more on interest.
Is There a Way to Lower My Stillwater Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you begin applying for auto loans in Stillwater, OK. If you've plugged in your information and don't like 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 Stillwater auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, improving 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. 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.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Stillwater, OK — even if you don't have 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. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Stillwater, OK with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Stillwater, OK no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, select the best loan for you, and visit your Stillwater dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!