How Are Car Loan Rates in College Park, MD Calculated?
A handful of factors influence your Maryland auto loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in College Park could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in College Park, MD?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you start applying for auto loans in College Park, 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 element you have total control over. Most College Park car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely 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 estimates what your monthly payment could be with different terms and interest rates to help you decide what you might be able to afford.
If your credit is far from great, increasing 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 the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Maryland.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in College Park, MD — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in College Park, MD
myAutoloan is here to help you get the lowest auto loan rates in College Park, MD 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 right deal. Fill out our simple and secure online application, select the best loan for you, and visit your College Park dealer to purchase a new car. Apply now to see today's lowest interest rates!