How Are Bel Air, MD Auto Loan Rates Determined?
Various factors impact your Maryland auto loan rate, Including your credit score, your income, the amount of the loan, 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 Bel Air could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, 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 you spend hundreds more on interest.
Is There a Way to Lower My Bel Air Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Bel Air, MD. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most Bel Air car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. However, longer terms also tend 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 depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Maryland car loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Bel Air, MD — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. Plus, some lenders allow 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 Bel Air, MD with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Bel Air, MD no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and visit your Bel Air dealer to purchase a new car. Apply today to see the current lowest interest rates!