What Determines Your Auto Loan Rate in Newport, ME?
Various factors impact your Maine car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Newport could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Newport, ME?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Newport, ME. If you've supplied your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most Newport car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, increasing 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 the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Maine.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Newport, ME — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind 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.
Use myAutoloan to Check the Best Auto Loan Rates in Newport, ME
myAutoloan is here to help you get the lowest auto loan rates in Newport, ME no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and visit your Newport dealer to purchase a new car. Apply now to see today's lowest interest rates!