What Determines Your Auto Loan Rate in Salem, OR?
Various factors affect your Oregon auto loan interest rate, including the loan amount, your credit score, 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 Salem might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, 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 overall.
How Can I Get a Lower Car Loan Rate in Salem, OR?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Salem, OR. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have a lot of control over. Most Salem car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms 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 higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, improving 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 which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Oregon.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will look at 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 Salem, OR — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right 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 Salem, OR
myAutoloan is dedicated to helping you find the lowest car loan rates in Salem, 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 right deal. Fill out our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!