What Determines Your Auto Loan Rate in Grants Pass, OR?
A handful of factors contribute to your Oregon auto loan rate, including your credit score, the amount of the loan, your income, 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 Grants Pass 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 the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Grants Pass, OR?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Grants Pass, OR. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Grants Pass car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you can afford.
If your credit is far from great, increasing your score could help 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'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 look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Grants Pass, OR — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Grants Pass, OR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Grants Pass, OR no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!