What Determines Your Auto Loan Rate in Lynden, WA?
A handful of factors contribute to your Washington car loan 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Lynden might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Lynden, WA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Lynden, WA. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one element you can change on your own. Most car loans in Lynden have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different terms and interest rates to help you see what might be affordable.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it for those lower Washington auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Lynden, WA — even if you don't have the highest income or best credit. 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 leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Lynden, WA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Lynden, 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, choose the best loan for you, and visit your Lynden dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!