How Are Car Loan Rates in Greenbelt, MD Calculated?
Many factors influence your Maryland car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Greenbelt dealer could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Greenbelt, MD?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Greenbelt, MD. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most auto loans in Greenbelt are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). 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, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you decide what you can afford.
If you have less than stellar credit, raising your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Maryland auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Greenbelt, MD — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Greenbelt, MD with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Greenbelt, MD regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and visit your Greenbelt dealer to purchase a new car. Apply now to see today's lowest interest rates!