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Best Auto Loan Rates Online


Best Overall



    • Up to $99,000
    • Term: 24 to 84 months
    • Great Customer Service

APR From: 2.4%

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Best Selection



    • Up to $80K
    • Term: 24 to 84 months
    • No Repayment Fee

APR From: 2.8%

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Best Rates


Consumers Credit Union

    • Up to $250K
    • Term: 12 to 84 months
    • No Repayment Fee

APR From: 6.4%

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Best Experience



    • Up to $100K
    • Term: 24 to 84 months
    • Refinance Available

APR From: 2.94%

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Best Reviewed


Auto Credit Express

    • Up to $40,000
    • Term: 24 to 84 months
    • Great for Bad Credit

APR From: 3.9%

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Auto Loan Interest Rates Ohio

Ohio interest rates for auto loans can vary significantly. typically ranging from 5% to 9%. However, rates can lower to 1% or under on new cars for those with a strong credit history, and for those with very low credit scores can see an APR of up to 25% on a used vehicle. Typically a 'prime' borrower (someone with a positive history and score over 660) can obtain rates as low as 5%. While Ohio consumers with lower scores (subprime) may receive APR rates exceeding 14%.

Read More: Maximum Auto Interest Rate in Ohio ->

Ohio Auto Loan Rates

What Rates Will I Qualify for?

With the rise of online lenders and competitive interest rates, it’s easier than ever to get approved for an affordable auto loan. However, the APR (annual percentage rate) you qualify for will be determined by a number of factors. Of course, credit is king, a positive history and a high score can overcome most financial issues. However, other elements like your credit utilization, debt-to-income ratio, employment history, and residence can come into play when lenders attempt to determine your buying power. Though, in most cases, it is safe to assume that the worse off your credit score the higher your monthly payment due to interest rates, the best way to build your credit is to use your credit. 


5 Factors Auto Lenders Consider:


  1. Credit Score

  2. Credit History

  3. Residence - the length of time at address, whether you rent or own.

  4. Employment - How long have you been at your job and how much you make.

  5. Debt-to-Income - The Ratio of how much you make vs how much you owe. 

Read More: The 5 Factors that Get You Approved ->

APR From: 2.4%
Loan Amount: Starting at $20,000
Recommended Credit Score: 575
 Ohio auto loans
APR From: 2.9%
Loan Amount: Up to $100,000
Recommended Credit Score: 500
 Ohio auto loans
APR From: 3.9%
Loan Amount: Up to $40,000
Recommended Credit Score: 400
 Ohio auto loans

What Determines Ohio Interest Rates?

Federal Funds Rate: The federal funds rate, set by the Federal Reserve (often referred to as the Fed), is the interest rate at which banks lend money to each other overnight. This rate indirectly influences the interest rates on various consumer loans, including auto loans. When the Fed raises the federal funds rate, banks' borrowing costs generally increase, and these higher costs can be passed on to consumers in the form of higher auto loan rates.


Economic Conditions: Factors, such as economic growth, unemployment rates, and consumer confidence, can influence auto loan rates. In a strong economy, demand for credit can lead to higher rates, while in a weaker economy, rates may be lowered to stimulate spending. High inflation typically leads to increasing rates to control the economy's money supply and price levels. Finally, the bond market, especially the yields on U.S. Treasury securities, can also influence auto loan rates. Lenders often benchmark their loan rates to Treasury yields, so when yields on these securities rise or fall, auto loan rates can follow suit.


Lender Factors: The cost for lenders to acquire the money they lend out (their cost of funds) can affect auto loan rates. Various factors can affect this cost, including demand for credit and the lender's own financial health and regulatory requirements. The level of competition among banks, credit unions, and other auto loan providers can also influence interest rates. More competition can lead to lower rates as lenders vie for customers.

Ohio Auto Loans - Sell Your Car Online

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