What Determines Your Auto Loan Rate in Suitland, MD?
Many factors impact your Maryland auto loan rate, including the loan amount, your credit score, your income, 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 Suitland dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Suitland Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in Suitland, MD. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most auto loans in Suitland have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher 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 see what might be affordable.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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, 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 Suitland, 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 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.
Discover the Best Auto Loan Rates in Suitland, MD with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Suitland, MD regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, select the best loan for you, and head to your Suitland dealer to purchase a new ride. Apply today to see the current lowest interest rates!