How Are Edgewood, MD Auto Loan Rates Determined?
Many factors influence your Maryland auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Edgewood dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Edgewood Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Edgewood, MD. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can change on your own. Most Edgewood auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). 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 handle 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 determine what you can afford.
If your credit is far from great, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score 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 worth it to get those lower Maryland car loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will consider 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 Edgewood, MD — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders leave room for negotiation, 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 Edgewood, MD with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Edgewood, MD regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and head to your Edgewood dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!