How Are Fife, WA Car Loan Rates Determined?
Several factors affect your Washington auto loan interest rate, including your credit score, the amount of the loan, your income, 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 Fife could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Fife, WA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Fife, WA. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most Fife 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 usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you see what you can afford.
If your credit is far from great, boosting 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 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider 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 Fife, WA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders leave room 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 Fife, WA
myAutoloan wants to help you find the lowest auto loan rates in Fife, WA regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and visit your Fife dealer to purchase a new car. Apply now to check today's lowest interest rates!