How Are Car Loan Rates in Catonsville, MD Calculated?
Many factors impact your Maryland car loan interest 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 poor credit score, low income, or buying an older vehicle from a dealer in Catonsville 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 becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Catonsville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Catonsville, MD. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Catonsville car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually mean a lower monthly payment. 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 what your monthly payments might look like with different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Maryland auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use 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 Catonsville, MD — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Catonsville, MD with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Catonsville, MD no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Catonsville dealer to purchase a new car. Apply today to see the current lowest interest rates!