How Are Car Loan Rates in Mount Vernon, WA Calculated?
Several factors influence your Washington auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Mount Vernon could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month 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.
Is There a Way to Lower My Mount Vernon Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Mount Vernon, WA. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one thing you have a lot of control over. Most auto loans in Mount Vernon 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 usually mean a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, improving 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. Your credit score may take some more time and work, but it's worth it to get those lower Washington car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Mount Vernon, WA — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Mount Vernon, WA
myAutoloan wants to help you find the lowest auto loan rates in Mount Vernon, WA no matter your credit score or the type of car you're buying. We'll show you 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 visit your Mount Vernon dealer to purchase a new car. Apply now to see today's lowest interest rates!