What Determines Your Auto Loan Rate in Longview, WA?
A handful of factors influence 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, poor credit score, or choosing an older vehicle at your Longview dealership 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 payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Longview Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Longview, WA. If you've filled out your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have a lot of control over. Most Longview auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you determine what you can afford.
If your credit is far from great, improving 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 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Longview, WA — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Longview, WA
myAutoloan is here to help you get the lowest auto loan rates in Longview, WA regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!