What Determines Your Auto Loan Rate in Burien, WA?
Many factors contribute to your Washington auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Burien could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Burien, WA?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before having to apply for a car loan in Burien, WA. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most Burien auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you can afford.
If you have less than ideal credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it'll be worth it once you see those lower Washington auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Burien, WA — even without the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Burien, WA
myAutoloan is here to help you get the lowest auto loan rates in Burien, WA regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Burien dealer to purchase a new car. Apply now to see today's lowest interest rates!