How Are Kirkland, WA Auto Loan Rates Determined?
A handful of factors affect your Washington auto loan rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Kirkland dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Kirkland, WA?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you begin applying for auto loans in Kirkland, WA. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most auto loans in Kirkland 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 typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what might be affordable.
If your credit is far from great, raising your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase 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 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 Kirkland, WA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Kirkland, WA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Kirkland, WA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and visit your Kirkland dealer to purchase a new car. Apply today to see the current lowest interest rates!