How Are Medford, OR Auto Loan Rates Determined?
A handful of factors impact your Oregon auto loan rate, including your credit score, the amount of the loan, your income, 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 Medford could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Medford, OR?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Medford, OR. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one element you can control. Most car loans in Medford have terms in 12-month intervals ranging from 24 months (2 years) to 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 you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, boosting your score could decrease 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. Your credit score may take some more time and work, but it'll be worth it once you see those lower Oregon auto loan rates.
Putting effort into finding the right lender can also help you get 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 Medford, OR — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, 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 Medford, OR with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Medford, 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. Simply complete our secure online application, choose the best loan for you, and head to your Medford dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!