How Are Helena, MT Car Loan Rates Determined?
Several factors influence your Montana car loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Helena could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Helena, MT?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before having to apply for a car loan in Helena, MT. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one aspect you can control. Most auto loans in Helena are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you can afford.
If your credit is less than stellar, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score 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 to get those lower Montana car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Helena, MT — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Keep in mind 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.
See the Best Auto Loan Rates in Helena, MT with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Helena, MT no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the best loan for you, and head to your Helena dealer to purchase a new ride. Apply now to check today's lowest interest rates!