How Are Car Loan Rates in Cumberland, MD Calculated?
Various factors affect your Maryland auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Cumberland might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Cumberland, MD?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Cumberland, MD. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Cumberland car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, raising 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 how you can quickly bring it up. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Maryland.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Cumberland, MD — even without the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind some lenders allow for 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 Cumberland, MD
myAutoloan is here to help you get the lowest auto loan rates in Cumberland, MD no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and head to your Cumberland dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!