How Are Bellevue, WA Auto Loan Rates Determined?
A handful of factors impact your Washington car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Bellevue dealership might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Bellevue, WA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Bellevue, WA. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you have total control over. Most Bellevue auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you figure out what might be affordable.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Washington.
Waiting to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Bellevue, WA — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Bellevue, WA
myAutoloan is committed to helping you find the lowest auto loan rates in Bellevue, WA 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 find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Bellevue dealer to purchase a new ride. Apply now to check today's lowest interest rates!