How Are Canton, MA Auto Loan Rates Determined?
Several factors impact your Massachusetts car loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Canton could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly bill is 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 overall.
How Do I Lower My Auto Loan Rate in Canton, MA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Canton, MA. If you've put in 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 Canton auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's smart 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 see what might be affordable.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score 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.
Taking some time to find the right lender can also help you secure 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 Canton, MA — even if you don't have the highest income or best credit. You don't want to 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 the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Canton, MA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Canton, MA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, select the best loan for you, and head to your Canton dealer to purchase a new ride. Apply now to see today's lowest interest rates!