How Are Dundalk, MD Car Loan Rates Determined?
Many factors impact your Maryland car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Dundalk dealership could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Dundalk, MD?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Dundalk, MD. If you've put in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most Dundalk car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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.
Waiting to find the right lender can also help you achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Dundalk, MD — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Dundalk, MD with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Dundalk, 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 best deal. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Dundalk to purchase a new ride. Apply now to check today's lowest interest rates!