We want you to get the best possible used car loan rates in Ohio for your situation, which is why our finance team is here to help you navigate the financing or leasing process for a vehicle in Mentor. As many as 80 percent of American drivers utilize some kind of auto loan to drive their vehicles. So, you’re not alone when it comes to getting financing for your next four-wheeled family member.
As an alternative, our Honda lease deals in Cleveland might be a better way to drive home to Painesville in a new vehicle from Honda of Mentor. Our finance team is happy to help with this guide. We’ll talk about the Honda of Mentor lease specials and used car loan rates in Ohio as you look to secure financing for your vehicle.
Before we go any further, we’ll give you a handy chart that shows the average car loan interest rates based on credit scores. These are just estimates for you and your family in Willoughby. The actual interest rate you receive is based on several factors, including the lender, the vehicle you’re buying, the price of the car, truck, or SUV, and your credit rating.
The chart shows a range of credit scores, the average rate for a new vehicle, and the average pre-owned vehicle rate that could give you a gauge of used car loan rates in Ohio. These interest rates are subject to change over time.
Average APR, New Vehicle
5.08%
6.70%
9.73%
13.00%
15.43%
As you can see, the higher your credit score, the lower your auto loan interest rate could be. However, these are just average figures. The top auto loan interest rate goes from 5.08% to 9.73% for new vehicles and 7.41% to 14.07% for used vehicles or certified pre-owned models.
If your credit score is high enough, you might be considered well-qualified for one of our Honda lease deals in Cleveland. The Honda of Mentor lease specials are for new models and can put you behind the wheel of a top-tier car, truck, or SUV for two years. At the end of your lease, you have some options.
You might need to plan ahead if you want to get the lowest interest rate for an auto loan or a Honda of Mentor lease special. If your credit rating isn’t high enough to get a lower rate, consider improving your credit by first looking at your credit history report. You get one free report per year from the big three credit bureaus. If you see something amiss, attempt to rectify it.
Another thing to do is pay down your debts to improve your debt-to-income ratio. The lower the amount of debt, the more income you have to pay a new or used auto loan. You’ll also need to pay the Ohio car sales tax rate when you purchase your vehicle, so make sure you have enough income for that expense.
Then, apply for financing. The higher the credit score, the lower your interest rate will be. Our finance team will go to bat for you when it comes to the lenders in our network. Another thing to remember is that you don’t have to go with the offers presented to you. You can also negotiate with the dealership to try to get a lower price because the lower price will lower your monthly payment.
For a three-year car loan, the average rate is around 6.5 to 7.0 percent. But your final interest rate will vary. Remember that used car loan rates have a higher interest rate compared to new vehicles. And, take into account the Ohio car sales tax rate of 5.75 percent.
So, if you purchase a car at $30,000, the amount you pay is $1,725 based on multiplying that sales price by the Ohio car sales tax rate of 0.0575. You’ll need to pay that sales tax in the county where you live.
Have more questions about auto loans or leasing? Contact us or call 440-379-8639 to speak to our finance team. We also have tools, such as our value your trade tool, to help you develop a monthly budget based on your situation. We’re happy to help in any way we can!
