How Are Beverly, MA Auto Loan Rates Determined?
Several factors affect your Massachusetts auto loan interest rate, including your income, your credits core, the loan amount, 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 Beverly dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Beverly, MA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Beverly, MA. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most car loans in Beverly are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. 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 payments might look like based on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, improving 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 which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower Massachusetts auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Beverly, MA — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Beverly, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Beverly, MA regardless of your credit score and the type of car you're buying. We'll show you 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 down to a dealer in Beverly to purchase a new ride. Don't wait to apply and check today's lowest interest rates!