How Are Gladstone, OR Auto Loan Rates Determined?
A handful of factors influence 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 Gladstone might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Gladstone Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Gladstone, OR. If you've put in 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 control. Most auto loans in Gladstone 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. But longer terms are also likely to come with higher interest rates. If your budget allows for 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 interest rates and terms to help you decide what you can afford.
If you have less than ideal credit, raising 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 the steps you can take now to raise it quickly. It may take some effort and time to increase 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 secure a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Gladstone, OR — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. And, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Gladstone, OR
myAutoloan is committed to helping you find the lowest auto loan rates in Gladstone, 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. Fill out our secure online application, choose the best loan for you, and head to your Gladstone dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!