Find the Best Car Loans in Cincinnati, OH

How to get an auto loan in Cincinnati

Auto financing is offered from lenders such as your neighborhood credit union and online loan brokers. Companies offer different types of loans with varied interest rates and repayment terms. Finding the best one for you can be difficult.

The first step to finding the right auto loan in Cincinnati is to consider your qualifications. When evaluating applicants, lenders will usually look at:

• Credit history: You can get a car loan with bad credit, though you may need to use an alternative, online lender if you have a low credit score. A low score will also increase your loan’s interest rate. People in Cincinnati with credit scores lower than 580 usually pay annual percentage rates (APRs) in the low-to-mid teens, while people with excellent credit scores typically pay 3 to 5 percent.
• Financial information: You may need to provide proof of your income, such as W-2 forms or pay stubs, to qualify for a loan.
• Down payment: Having a down payment helps you qualify you for a loan and may qualify you a lower interest rate. A more substantial down payment will reduce your montly payments or the length of your loan.

Getting pre-approved for a car loan in Cincinnati

Finding a lender and getting pre-approved for a loan before you begin shopping has many advantages. Getting pre-approved for a car loan:

• Saves time at the dealership
• Determines your budget before shopping
• Gives you additional leverage when negotiating vehicle price
• Lets you shop at multiple dealers

You’ll choose loan repayment terms during the application process. Most loans in Cincinnati range between 36 and 84 months, but loans with longer terms often have a higher interest rate. Be sure to verify if there are prepayment penalties on your loan. Once you pay off your loan, your lender will release the title to you, though you may need to contact the Ohio BMV for a paper copy.

Some consumers experience a higher number of robocalls and telemarketing calls after applying for auto financing. If this happens to you, you can file a complaint with the Federal Communications Commission. The Ohio Attorney General also maintains a database of consumer complaints.