How Are Ashland, OR Car Loan Rates Determined?
Many factors impact your Oregon car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, 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 Ashland could mean 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 becomes and the more you spend in total. 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 Ashland, OR?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Ashland, OR. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most auto loans in Ashland are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms 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, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you figure out what might work for your budget.
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 which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it for those lower Oregon auto loan rates.
Putting effort into finding the right lender can also help you achieve 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 Ashland, OR — even without a high income or credit score. You shouldn't 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 next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Ashland, OR with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Ashland, OR regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!