What Determines Your Auto Loan Rate in Auburn, MA?
Many factors affect your Massachusetts auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Auburn could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Auburn, MA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Auburn, MA. If you've supplied your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Auburn car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms are also likely 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 what your monthly payments might look like depending on different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Massachusetts auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Auburn, MA — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind 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 Auburn, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Auburn, MA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and visit your Auburn dealer to purchase a new car. Apply now to check today's lowest interest rates!