What Determines Your Auto Loan Rate in Lynnwood, WA?
Various factors impact your Washington auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Lynnwood could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Lynnwood, WA?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Lynnwood, WA. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most auto loans in Lynnwood are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you figure out what might work for your budget.
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 the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Washington.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Lynnwood, WA — even if you don't have the highest income or best credit. 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 are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Lynnwood, WA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Lynnwood, WA regardless of your credit score and the type of car you're buying. We'll present you with 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 head to your Lynnwood dealer to purchase a new ride. Apply today to see the current lowest interest rates!