How Are Wilsonville, OR Car Loan Rates Determined?
Various factors influence your Oregon car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Wilsonville dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Wilsonville Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Wilsonville, OR. If you've supplied your information and don't like 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 auto loans in Wilsonville have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what you can afford.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see 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 see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Wilsonville, OR — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Wilsonville, OR with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Wilsonville, OR no matter your credit score or the type of car you're buying. 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 visit your Wilsonville dealer to purchase a new car. Apply today to see the current lowest interest rates!