How Are Auburn, WA Auto Loan Rates Determined?
Various factors affect your Washington auto loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Auburn dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Auburn, WA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you start applying for auto loans in Auburn, WA. If you've filled out 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 car loans in Auburn are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you figure out what might be affordable.
If you have less than ideal credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Washington car loan rates.
Taking some time to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Auburn, WA — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Auburn, WA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Auburn, WA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and head to your Auburn dealer to purchase a new ride. Apply today to see the current lowest interest rates!