What Determines Your Auto Loan Rate in Burlington, WA?
Various factors impact your Washington auto loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Burlington dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Burlington, 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 Burlington, WA. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most Burlington auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what might be affordable.
If you have less than stellar credit, boosting your score could lower your interest rate. 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. It may take some time and work to better your credit score, but it's worth it to get those lower Washington car loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Burlington, WA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Burlington, WA
myAutoloan is dedicated to helping you find the lowest car loan rates in Burlington, 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. Simply complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!