How Are Car Loan Rates in Bowie, MD Calculated?
Many factors influence your Maryland auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bowie dealership could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Bowie, MD?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Bowie, MD. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most Bowie auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might work for your budget.
If your credit is less than stellar, boosting 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 to get those lower Maryland car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Bowie, MD — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just 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.
Discover the Best Auto Loan Rates in Bowie, MD with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Bowie, MD 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 right deal. Fill out our simple and secure online application, select the best loan for you, and head to your Bowie dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!