top of page

Ohio Max Interest Rate on Auto Loans

Updated: Feb 6

What is the Maximum APR Interest for Used Cars in Ohio?

Maximum Auto Loan Interest Rate- Ohio State Law

Maximum Interest Rate for Auto Loans in Ohio


When considering an auto loan it is crucial to pay attention to your interest rate. This is because your interest rate or APR (Annual percentage rate) is the amount that you pay the bank each year for your loan. It does not go towards the equity of your vehicle, it is a fee paid to the bank. For these reasons, it is in your financial best to avoid interest whenever possible. Interest rates for auto loans in Ohio usually range from 5 to 24% depending on your credit score and history. The maximum APR for auto loans in Ohio is 25%. However, in some situations, you may end up paying more.


Ohio Maximum Auto Loan Interest Rate: 25%


Can I Be Charged More Than Max Interest?


Usuary laws can complicate the issue of finding the maximum legal interest rate. Consumers often pay a higher rate than what is legally allowed. Some states add certain usuary rates depending on the loan type and amount. Most states cap the amount of interest allowed and offer penalties for those who charge higher interest rates against the loan principal. The usuary rate for loans in Ohio is 8% To estimate your monthly payment see our free auto loan calculator.


Ohio Usury Rate: 8%

 

Best Auto Loan Rates Online

In the modern age of car buying, most Ohio shoppers decided to begin their journey by pre-qualifying online. Securing financing first ensures you save time and run-around at the dealership and gives you peace of mind throughout the buying process. Here are the top dealers to get you on the road with an affordable interest rate, even with bad credit



APR from 2.4%

APR from 2.8%

APR from 2.94%

APR from 6.4%


Average Interest Rates in Ohio


The average interest rate on a new vehicle in Ohio is 5.2% and slightly higher for pre-owned vehicles. Your interest depends on your credit score, loan amount, and offered rates of the lender who is funding the loan. Interest rates in Ohio generally range from 5% to 24%. The best way to lower your interest rate on an auto loan is by improving your credit or seeking a co-signer. If you do not know your credit score you can learn how to find it here.


What is the average interest rate on auto loans in Ohio?


Average Interest Rate in Ohio: 5.2%

Ohio max interest rate - bad credit loans


How to Find the Lowest Interest Rate in Ohio

Most consumers considering an auto loan begin their shopping online. Not only can you browse vehicles and prices but finance terms as well. Sites like Buckeye Car Loan, Auto Credit Express, and Supermoney allow you to pre-qualify online, saving the hassle of going to different dealers and preventing multiple credit pulls that can harm your score. Getting the vehicle you want is important, getting the vehicle you can afford is crucial. By shopping or applying online before you arrive at the dealer you can better understand your credit and financial situation so you are prepared for what the banks (or the salesman) have to throw at you.




How is My Interest Rate Determined


Your interest rate can vary based on the finance terms you qualify Lenders will consider your debt-to-income ratio, as well as loan term, and principle. However, the most important factor is your credit, particularly your FICO score. Your FICO score is determined by a number of factors, the largest of which (35%) is determined by payment history. Installment payments on loans such as auto loans are one of the fastest credit-building tools. Other factors include your employment history, debt-to-income ratio, and your housing stability. You can learn how to find your FICO score here.


FICO Credit Score - Ohio max interest rate


If you would like more peace of mind when purchasing a vehicle. you can get an online auto loan with bad credit by applying to a subprime lender. Subprime lenders specialize in lending to borrowers with bad credit, and many of them offer online approval. if you need a loan quickly and have bad credit, an online lender may be your best option. Compare offers online to get started. Once you're approved, you'll be able to shop for a new car with confidence, knowing that you have the financing you need in place


TL;DR: Ohio's maximum interest rate on auto loans is 25% (APR) but it is possible to pay more.


What is The Maximum Car Loan Interest Rate?

25% APR on used vehicles

What is Ohio's Usury Rate?

What is the average interest rate in Ohio?





Read More from the Buckeye Car Loan Blog:


Comments


bottom of page