How Are Ellsworth, ME Auto Loan Rates Determined?
A handful of factors affect your Maine auto loan interest rate, including your income, your credits core, the loan amount, 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 Ellsworth dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Ellsworth, ME?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you start applying for auto loans in Ellsworth, ME. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you have total control over. Most auto loans in Ellsworth are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to 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 shows your possible monthly payment depending on different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, increasing 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 the steps you can take now to raise it quickly. 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 some time to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Ellsworth, ME — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, some lenders leave room 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.
Use myAutoloan to Check the Best Auto Loan Rates in Ellsworth, ME
myAutoloan wants to help you find the lowest auto loan rates in Ellsworth, ME regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Ellsworth to purchase a new ride. Apply now to check today's lowest interest rates!