How Are Fairhaven, MA Car Loan Rates Determined?
Many factors contribute to your Massachusetts car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Fairhaven dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Fairhaven, MA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Fairhaven, 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 can change on your own. Most auto loans in Fairhaven 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 typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher 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 determine what you might be able to afford.
If your credit is less than stellar, raising your score could help 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 to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower Massachusetts car loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will look at 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 Fairhaven, MA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Fairhaven, MA
myAutoloan is here to help you get the lowest auto loan rates in Fairhaven, MA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and head to your Fairhaven dealer to purchase a new ride. Apply now to check today's lowest interest rates!