How Are Owings Mills, MD Car Loan Rates Determined?
A handful of factors affect your Maryland car loan interest rate, including your credit score, the amount of the loan, your income, 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 Owings Mills dealership could lead to 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 in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Owings Mills, MD?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you start applying for auto loans in Owings Mills, MD. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most Owings Mills auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart 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 might be affordable.
If you have less than stellar credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Maryland.
Taking some time to find the right lender can also help you get a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Owings Mills, 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 a better one could be right around the corner. Plus, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Owings Mills, MD with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Owings Mills, 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 get the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Owings Mills dealer to purchase a new car. Apply now to check today's lowest interest rates!