How Are Eugene, OR Car Loan Rates Determined?
Many factors affect your Oregon auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Eugene might lead to 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 over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Eugene, OR?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Eugene, OR. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Eugene car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise 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 can afford.
If you have less than stellar credit, increasing 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 to bring it up fast. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Oregon.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at 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 Eugene, OR — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders are open to 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 Eugene, OR with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Eugene, OR regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Eugene to purchase a new ride. Apply today to see the current lowest interest rates!