How Are Mount Airy, MD Auto Loan Rates Determined?
Many factors affect 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 poor credit score, low income, or buying an older vehicle from a dealer in Mount Airy could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. Just one or two percent more could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Mount Airy, MD?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Mount Airy, MD. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Mount Airy 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you determine what might be affordable.
If your credit is far from great, raising your score could decrease 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. Your credit score may take some more time and work, but it's worth it to get those lower Maryland car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at 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 Mount Airy, 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 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 the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Mount Airy, MD
myAutoloan is dedicated to helping you find the lowest car loan rates in Mount Airy, 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 perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and head to your Mount Airy dealer to purchase a new ride. Apply now to see today's lowest interest rates!