How Are Great Falls, MT Car Loan Rates Determined?
Many factors affect your Montana auto loan interest 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Great Falls could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Great Falls Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in Great Falls, MT. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have a lot of control over. Most Great Falls auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you determine what you might be able to afford.
If you have less than stellar credit, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score 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 worth it for those lower Montana auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, 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 Great Falls, MT — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Great Falls, MT with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Great Falls, MT 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 get the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Great Falls dealer to purchase a new car. Apply now to see today's lowest interest rates!