How Are Plymouth, MA Auto Loan Rates Determined?
Many factors affect your Massachusetts car loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Plymouth might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, 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 spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Plymouth, MA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Plymouth, MA. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Plymouth car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might be affordable.
If you have less than stellar credit, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. 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 snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Plymouth, MA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders allow 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.
See the Best Auto Loan Rates in Plymouth, MA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Plymouth, 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 perfect loan. Fill out our secure online application, choose the loan that looks best to you, and visit your Plymouth dealer to purchase a new car. Apply now to check today's lowest interest rates!