How Are Upper Marlboro, MD Auto Loan Rates Determined?
Various factors impact your Maryland car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Upper Marlboro might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Upper Marlboro Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Upper Marlboro, MD. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most car loans in Upper Marlboro 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. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you see what you might be able to afford.
If you have less than ideal credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Maryland auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Upper Marlboro, MD — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, 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.
Discover the Best Auto Loan Rates in Upper Marlboro, MD with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Upper Marlboro, 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 find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!