How Are Car Loan Rates in Oxford, ME Calculated?
A handful of factors influence 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 poor credit score, low income, or buying an older vehicle from a dealer in Oxford could mean 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 the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Oxford, ME?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you begin applying for auto loans in Oxford, ME. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most car loans in Oxford have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's worth it to get those lower Maine car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will consider 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 Oxford, ME — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Oxford, ME
myAutoloan wants to help you find the lowest auto loan rates in Oxford, 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 perfect loan. Simply complete our secure online application, choose the best loan for you, and visit your Oxford dealer to purchase a new car. Apply now to see today's lowest interest rates!