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Auto Loan Rates 2024

Find the lowest APR financing options online. Don't let the dealer dictate your terms. Secure your loan before you shop and take control of your next vehicle purchase.

Best Ohio Auto Loan Rates | Top Lenders Online

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MyAutoLoan

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

APR From: 2.4%

3.8 (911)

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CarGurus

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

APR From: 2.8%

3.9 (609)

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Consumers Credit Union

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

APR From: 6.4%

4.7 (116)

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SuperMoney

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

APR From: 2.94%

4.7 (‎473)

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Auto Credit Express

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

APR From: 3.9%

4.4 (3,763)

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Ohio Auto Loan Rates

While Ohio auto loan rates typically range from 5% to 9% approval terms can vary significantly. There is no minimum interest rate requirement in Ohio. Theoretically, one could obtain rates of 1% or lower on a new vehicle with a very strong credit history. Those with low or subprime credit scores can see an APR exceeding 14% and of up to the state maximum interest rate of 25% on a used vehicle. The average interest rate on auto loans in Ohio is 7.12%. 

Ohio Auto Loan Rates

What Rates Will I Qualify for?

With the popularity of online lenders and increasingly 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 range 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 lower 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 ->

Negotiating Your Interest Rate

Ohio auto dealerships have limited input on the final interest rate you pay on an auto loan, but they do have some leeway to adjust rates for their benefit. When you finance a car through a dealership, they often work with a network of lenders to find you a loan. The lender sets a base interest rate (also known as the "buy rate") based on your creditworthiness, loan amount, and other factors.
 

Dealerships can indeed mark up this interest rate to increase their profits. The markup is usually capped, and a common cap is around 2 percentage points, though this can vary based on the dealership, the lender, and regulations. This practice is part of what's referred to as the "back-end" profit of a car deal, which includes financing, insurance products, extended warranties, and other add-ons.

However, it's essential to note that not all dealerships operate with high markups, and some may choose to offer competitive financing rates to facilitate a sale or maintain customer satisfaction. Furthermore, regulations and market competition can also influence how much a dealership marks up a loan's APR.
 

Consumers can often negotiate the interest rate on their auto loan, especially if they are aware of their credit score and the average rates available from direct lenders. It's also beneficial for buyers to get pre-approved for an auto loan from a bank or credit union before going to the dealership, as this can provide leverage in negotiations and ensure they receive a fair interest rate.

Other Factors That Determine Ohio Interest Rates

Federal Funds Rate - The federal funds rate, set by the Federal Reserve, is the interest rate at which banks lend money to each other. 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.
 

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. 

 

Lender Factors - The cost for lenders to acquire the money they lend out (their cost of funds) can affect auto loan rates. 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.

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