How Are Car Loan Rates in Thomaston, ME Calculated?
Various factors impact your Maine auto loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Thomaston might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Thomaston, ME?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Thomaston, ME. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most Thomaston auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what might work for your budget.
If you have less than ideal credit, 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 how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it for those lower Maine auto loan rates.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, 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 Thomaston, ME — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Thomaston, ME with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Thomaston, ME no matter your credit score or the type of car you're buying. 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 Thomaston dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!