How Are Car Loan Rates in Auburn, ME Calculated?
Various factors contribute to your Maine car loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Auburn could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Auburn Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Auburn, ME. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most Auburn auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what you can afford.
If your credit is far from great, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Maine.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Auburn, ME — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Auburn, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Auburn, ME regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!