How Are Saco, ME Car Loan Rates Determined?
Various factors influence your Maine auto loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Saco dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Saco, ME?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you start applying for auto loans in Saco, 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 thing you can control. Most Saco car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what might be affordable.
If your credit is less than stellar, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Maine car loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Saco, ME — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Saco, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Saco, ME no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!