Only for very small aspect ratios (like on the F-104) there is an appreciable effect on maximum lift, as the lift distribution becomes very close to the elliptic one. For typical aspect ratios used on transport aircraft this effect is neglectable and the lift distribution is somewhat closer to the wing planform, producing a little more lift on the outer wing.
The major effect is anyway just the slope of the lift over AOA curve, the lower your aspect ratio the higher you have to take the aircraft nose to get the same lift coefficient.
The main factor is that the induced drag gets significantly smaller with higher aspect ratios making the wing more effective.