How Are Fitchburg, MA Auto Loan Rates Determined?
A handful of factors affect your Massachusetts auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Fitchburg could lead to 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 in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Fitchburg, MA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Fitchburg, MA. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most Fitchburg auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually mean 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 smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Massachusetts.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Fitchburg, MA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, some lenders are open to 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 Fitchburg, MA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Fitchburg, MA no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Complete our secure online application, pick the loan that works best for you, and head to your Fitchburg dealer to purchase a new ride. Apply now to check today's lowest interest rates!