What Determines Your Auto Loan Rate in Beaverton, OR?
Various factors impact your Oregon auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Beaverton could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Beaverton, OR?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you start applying for auto loans in Beaverton, OR. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most auto loans in Beaverton are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have 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 your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
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 which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Oregon auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Beaverton, OR — even if you don't have the best credit or income. 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 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 Beaverton, OR with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Beaverton, OR regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our secure online application, select the best loan for you, and head to your Beaverton dealer to purchase a new ride. Apply now to see today's lowest interest rates!