How Are New Bedford, MA Car Loan Rates Determined?
Several factors influence your Massachusetts car 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your New Bedford dealership could mean a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in New Bedford, MA?
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 New Bedford, MA. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most auto loans in New Bedford have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's better 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 be affordable.
If you have less than stellar credit, improving 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 how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it to get those lower Massachusetts car loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use 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 New Bedford, MA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders leave room 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 New Bedford, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in New Bedford, MA regardless of your credit score and the type of car you're buying. We'll present you with up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in New Bedford to purchase a new ride. Apply now to check today's lowest interest rates!