How Are Car Loan Rates in Enumclaw, WA Calculated?
Various factors impact your Washington car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Enumclaw could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Enumclaw Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Enumclaw, WA. If you've supplied your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Enumclaw car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle 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 you might be able to afford.
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 the steps you can take now to raise it quickly. 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.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Enumclaw, WA — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Keep in mind 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.
Find the Best Auto Loan Rates in Enumclaw, WA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Enumclaw, WA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Enumclaw to purchase a new ride. Don't wait to apply and check today's lowest interest rates!