How Are Car Loan Rates in Wiscasset, ME Calculated?
A handful of factors affect your Maine car loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Wiscasset might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, 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 spending hundreds more on interest.
Can I Lower My Car Loan Rate in Wiscasset, ME?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Wiscasset, ME. If you've plugged in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most auto loans in Wiscasset 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 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, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you decide what you might be able to afford.
If your credit is far from great, improving 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 today to bring it up 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.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Wiscasset, ME — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget 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 Wiscasset, ME with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Wiscasset, 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 perfect loan. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Wiscasset to purchase a new ride. Apply now to see today's lowest interest rates!