How Are Ontario, OR Car Loan Rates Determined?
A handful of factors affect your Oregon auto 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, low credit score, or purchasing an older car from a dealer in Ontario could lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Ontario, OR?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Ontario, 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 aspect you can change on your own. Most Ontario auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, raising your score could bring your interest rate down. 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. Your credit score will take some effort and time to build, but it's worth it for those lower Oregon auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Ontario, OR — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Ontario, OR
myAutoloan is committed to helping you find the lowest auto loan rates in Ontario, 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 right deal. Fill out our simple and secure online application, choose the best loan for you, and head to your Ontario dealer to purchase a new ride. Apply now to see today's lowest interest rates!