How Are Havre De Grace, MD Car Loan Rates Determined?
A handful of factors impact your Maryland car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Havre De Grace dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Havre De Grace, MD?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Havre De Grace, MD. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most Havre De Grace auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Maryland auto loan rates.
Taking some time to find 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. You need to compare offers and shop around for the best auto loan rate in Havre De Grace, MD — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Plus, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
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