How Are Framingham, MA Auto Loan Rates Determined?
Various factors contribute to your Massachusetts auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Framingham might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Framingham, MA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Framingham, MA. If you've put in your information and don't like the percentage you see, how can you lower?
The loan term is one element you have a lot of control over. Most car loans in Framingham 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. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what might work for your budget.
If you have less than stellar credit, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand 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 won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Framingham, MA — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Keep in mind some lenders leave room 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.
Use myAutoloan to Check the Best Auto Loan Rates in Framingham, MA
myAutoloan wants to help you find the lowest auto loan rates in Framingham, MA no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and head to your Framingham dealer to purchase a new ride. Apply now to see today's lowest interest rates!