How Are Allston, MA Car Loan Rates Determined?
Various factors contribute to your Massachusetts car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Allston dealership 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 over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Allston, MA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Allston, MA. If you've supplied your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most car loans in Allston have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms are also likely to 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 what your monthly payment might be depending on different interest rates and terms to help you see what you can afford.
If your credit is far from great, raising 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 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 Massachusetts car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Allston, MA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Allston, MA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Allston, MA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and visit your Allston dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!