How Are Taneytown, MD Car Loan Rates Determined?
A handful of factors influence 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Taneytown dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Taneytown Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Taneytown, MD. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you can control. Most Taneytown car 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 you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what might be affordable.
If you have less than ideal credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score may take some more time and work, but it'll be worth it once you see those lower Maryland auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Taneytown, 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. Plus, some lenders allow 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 Taneytown, MD with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Taneytown, MD regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head to your Taneytown dealer to purchase a new ride. Apply today to see the current lowest interest rates!