How Are Brewer, ME Auto Loan Rates Determined?
Several factors contribute to your Maine auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Brewer dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Brewer, ME?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Brewer, ME. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most car loans in Brewer are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar credit, boosting your score could lower 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 to bring it up fast. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Maine.
Taking some time to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Brewer, ME — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Brewer, ME with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Brewer, 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 find the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Brewer dealer to purchase a new ride. Apply now to check today's lowest interest rates!