How Are Falmouth, MA Car Loan Rates Determined?
Several factors affect your Massachusetts car loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Falmouth dealer could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term 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 Falmouth, MA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Falmouth, MA. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Falmouth car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms 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 payment might be with different interest rates and terms to help you decide what might work for your budget.
If your credit is less than stellar, raising 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. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Massachusetts auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Falmouth, 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 could be right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Falmouth, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Falmouth, MA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Falmouth to purchase a new ride. Apply now to check today's lowest interest rates!