How Are Car Loan Rates in Wilmington, MA Calculated?
Many factors impact your Massachusetts car loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, 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 Wilmington dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Wilmington Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before having to apply for a car loan in Wilmington, MA. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most auto loans in Wilmington are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's better 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 determine what might work for your budget.
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 which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Massachusetts.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Wilmington, MA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders will negotiate, 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 Wilmington, MA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Wilmington, MA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and visit your Wilmington dealer to purchase a new car. Apply now to check today's lowest interest rates!