What Determines Your Auto Loan Rate in Shrewsbury, MA?
Various factors affect your Massachusetts auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Shrewsbury dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Shrewsbury, MA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Shrewsbury, MA. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most Shrewsbury car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you can afford.
If you have less than ideal credit, raising your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Massachusetts auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will look at 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 Shrewsbury, MA — even without a high income or credit score. 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 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 Shrewsbury, MA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Shrewsbury, MA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!