What Determines Your Auto Loan Rate in Kennewick, WA?
Many factors contribute to your Washington car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Kennewick dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Kennewick, 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 Kennewick, WA. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you have a lot of control over. Most Kennewick car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what might work for your budget.
If your credit is less than stellar, boosting 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. Your credit score may take some more time and work, but it'll be worth it once you see those lower Washington auto loan rates.
Putting effort into finding 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 Kennewick, WA — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Kennewick, WA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Kennewick, 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 perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and head down to a dealer in Kennewick to purchase a new ride. Apply now to see today's lowest interest rates!