How Are Bellingham, WA Auto Loan Rates Determined?
Several factors contribute to your Washington auto loan 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Bellingham dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Bellingham, WA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Bellingham, WA. If you've supplied your information and aren't happy with the percentage you see, how can you lower?
The loan term is one element you can control. Most auto loans in Bellingham are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms 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 your possible monthly payment based on different interest rates and terms to help you decide what you can afford.
If your credit is less than stellar, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Washington.
Taking the time to hunt down the right lender can also help you snag 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 Bellingham, WA — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Bellingham, WA
myAutoloan is dedicated to helping you find the lowest car loan rates in Bellingham, WA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!