What Determines Your Auto Loan Rate in Everett, WA?
Several factors impact your Washington auto loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Everett could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Everett, WA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Everett, 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 element you can change on your own. Most Everett car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have 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 payments might look like with different terms and interest rates to help you figure out what you can afford.
If you have less than stellar credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. 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 get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Everett, WA — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there might be a better one just around the corner. Plus, some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Everett, WA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Everett, WA no matter your credit score or the type of car you're buying. 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 best loan for you, and head to your Everett dealer to purchase a new ride. Apply today to see the current lowest interest rates!