How Are Ogden, UT Car Loan Rates Determined?
Various factors influence your Utah car 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 Ogden could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Ogden, UT?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Ogden, UT. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you can change on your own. Most Ogden car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. 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 shows what your monthly payments might look like with different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Utah.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Ogden, UT — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders are open to 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 Ogden, UT with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Ogden, UT regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Ogden dealer to purchase a new car. Apply today to see the current lowest interest rates!