How Are Car Loan Rates in Brunswick, ME Calculated?
Several factors impact your Maine car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Brunswick dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Brunswick, 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 Brunswick, ME. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most Brunswick auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Maine car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Brunswick, ME — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, 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.
Find the Best Auto Loan Rates in Brunswick, ME with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Brunswick, ME no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our 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!