How Are Car Loan Rates in Cottage Grove, OR Calculated?
Several factors influence your Oregon car loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Cottage Grove dealership might lead to 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 is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Cottage Grove, OR?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in Cottage Grove, OR. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most car loans in Cottage Grove have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than ideal credit, boosting 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 the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Oregon car loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Cottage Grove, OR — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders are open to 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 Cottage Grove, OR with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Cottage Grove, 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 right deal. Simply complete our secure online application, choose the best loan for you, and head to your Cottage Grove dealer to purchase a new ride. Apply today to see the current lowest interest rates!