How Are Edmonds, WA Auto Loan Rates Determined?
Many factors affect your Washington car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, 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 Edmonds might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. 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 Edmonds, 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 Edmonds, WA. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Edmonds car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have 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, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Washington auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Edmonds, WA — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Edmonds, WA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Edmonds, WA regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!