What Determines Your Auto Loan Rate in Bangor, ME?
Various factors affect your Maine car loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bangor dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Bangor, ME?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Bangor, ME. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you have a lot of control over. Most Bangor car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what you might be able to afford.
If you have less than stellar credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Maine auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Bangor, ME — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Bangor, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Bangor, ME regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your Bangor dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!