What Determines Your Auto Loan Rate in Portland, ME?
Various factors influence your Maine car loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Portland might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Portland, ME?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Portland, ME. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most car loans in Portland have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have 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 smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Maine auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Portland, ME — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Portland, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Portland, 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 best deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Portland dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!