How Are Woodburn, OR Car Loan Rates Determined?
Many factors contribute to your Oregon auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, 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 Woodburn could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, 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.
How Do I Get a Lower Car Loan Interest in Woodburn, OR?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Woodburn, OR. If you've supplied your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most car loans in Woodburn are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also 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 with different terms and interest rates to help you see what you might be able to afford.
If you have less than stellar credit, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Oregon auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Woodburn, OR — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Woodburn, OR with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Woodburn, OR regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and visit your Woodburn dealer to purchase a new car. Apply now to check today's lowest interest rates!