How Are Tewksbury, MA Auto Loan Rates Determined?
Several factors contribute to your Massachusetts car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Tewksbury might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Tewksbury, MA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in Tewksbury, MA. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can control. Most Tewksbury 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 usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you decide what might work for your budget.
If your credit is less than stellar, increasing your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Massachusetts auto loan rates.
Taking the time to hunt down the right lender can also help you get 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 Tewksbury, MA — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Tewksbury, MA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Tewksbury, MA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Complete our secure online application, select the best loan for you, and visit your Tewksbury dealer to purchase a new car. Apply now to see today's lowest interest rates!