How Are Medford, MA Car Loan Rates Determined?
Various factors influence your Massachusetts auto loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Medford could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Medford, MA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Medford, MA. If you've put in your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most Medford car loans 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 usually have a lower monthly payment. But longer terms are also likely 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 based on different interest rates and terms to help you decide what might be affordable.
If you have less than ideal credit, raising your score could decrease 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. It may take some time and work to better 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 get a lower rate. While lenders take the same information into consideration, 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 Medford, MA — even if you don't have 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 will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Medford, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Medford, MA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your Medford dealer to purchase a new car. Apply now to see today's lowest interest rates!