How Are Bend, OR Car Loan Rates Determined?
Various factors impact your Oregon auto loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Bend might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Bend, OR?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you begin applying for auto loans in Bend, OR. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can change on your own. Most auto loans in Bend have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. 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 can afford.
If you have less than stellar credit, increasing your score could decrease 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. It may take some time and work to better your credit score, but it's worth it for those lower Oregon auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Bend, OR — even without a high income or credit score. 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.
See the Best Auto Loan Rates in Bend, OR with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Bend, OR 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 find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and visit your Bend dealer to purchase a new car. Apply now to see today's lowest interest rates!