How Are Kent, WA Auto Loan Rates Determined?
A handful of factors impact your Washington car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, 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 Kent could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Kent, 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 Kent, WA. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most Kent 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. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you figure out what you can afford.
If your credit is far from great, improving your score could 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. 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 secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Kent, WA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders will negotiate, 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 Kent, WA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Kent, WA no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can get the right deal. Complete our secure online application, choose the best loan for you, and head down to a dealer in Kent to purchase a new ride. Apply now to see today's lowest interest rates!