How Are Belfast, ME Car Loan Rates Determined?
A handful of factors affect your Maine auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Belfast dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the more you pay each month and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Belfast, ME?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Belfast, ME. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most Belfast car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see what might be affordable.
If you have less than ideal credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Maine.
Putting effort into finding 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. Shopping around and comparing offers will help you find the best auto loan rate in Belfast, ME — even if you don't have the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Belfast, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Belfast, ME regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can get the right deal. Fill out our secure online application, pick the loan that works best for you, and visit your Belfast dealer to purchase a new car. Apply now to check today's lowest interest rates!