How Are Lowell, MA Auto Loan Rates Determined?
Many factors influence your Massachusetts auto 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 poor credit score, low income, or buying an older vehicle from a dealer in Lowell could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
Is There a Way to Lower My Lowell Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before having to apply for a car loan in Lowell, MA. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Lowell car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, 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 achieve a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Lowell, MA — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Lowell, MA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Lowell, MA no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head down to a dealer in Lowell to purchase a new ride. Apply today to see the current lowest interest rates!