Maine Auto Loans

If you are a resident of Maine looking to finance a new car, you can expect to pay an auto loan rate of about 6.74% for a new car loan and 7.71% for a used car loan. There is no shortage of lenders in Maine who are willing to help you get a new car. You'll want to start by researching your options to find the best fit for your needs.

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Auto Lenders & Loan Types in Maine (ME)

Here are just a few of the lenders you can find in Maine:

• Kennebunk Savings Bank
• First Citizens Bank
• Capital One Auto Finance
• CitiFinancial Auto
• Key Bank

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Most of these lenders will offer you a variety of loan options to help you purchase an automobile. Depending on what kind of car you are looking to buy and your credit score, you may want to consider one of the following loan options:

• New car loan
• Used car loan
• Refinance loan
• Lease buyout
• Credit challenged loan

Financing Car Loans in Maine (ME)

If you have good credit (above 600) and are looking to buy a car, you'll have more options in terms of what type of loan you are able to obtain. Consumers with good credit will also be eligible to pay lower annual percentage rates (APR). The best way to ensure you are getting the best deal on your loan is to do research. Use a loan calculator to decide how much you can afford to pay each month, then find a suitable loan.

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If you already have an auto loan, you might benefit from refinancing your current auto loan. Your refinance payment may be higher or lower depending on the type of car you drive, the age of the car, the state you live in, and your existing loan terms.

Maine State Auto Loan Information

For additional information on Maine's auto lending regulations, you can can the Maine DMV:

Maine Department of Motor Vehicles
29 State House Station
Augusta, Maine 04333

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