How Are Car Loan Rates in Klamath Falls, OR Calculated?
Many factors affect your Oregon car loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Klamath Falls dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Klamath Falls, OR?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Klamath Falls, 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 factor you have a lot of control over. Most Klamath Falls car loans 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 they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, 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 won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Klamath Falls, OR — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind 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.
Discover the Best Auto Loan Rates in Klamath Falls, OR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Klamath Falls, OR no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Fill out our secure online application, pick the loan that works best for you, and visit your Klamath Falls dealer to purchase a new car. Apply today to see the current lowest interest rates!