How Are Rockland, ME Auto Loan Rates Determined?
Several factors influence your Maine auto 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 Rockland could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Rockland, ME?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you start applying for auto loans in Rockland, ME. If you've put in your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you have total control over. Most auto loans in Rockland have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely 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 payment might be based on different interest rates and terms to help you decide what might work for your budget.
If you have less than ideal credit, raising your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Maine.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Rockland, ME — even without 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 your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Rockland, ME with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Rockland, 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 best deal. Complete our secure online application, choose the loan that looks best to you, and head to your Rockland dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!