What Determines Your Auto Loan Rate in Augusta, ME?
Several factors influence your Maine car loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Augusta might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Augusta, ME?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Augusta, ME. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most car loans in Augusta are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what might work for your budget.
If your credit is less than stellar, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. 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, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Augusta, ME — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Augusta, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Augusta, ME no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!