How Are Olympia, WA Auto Loan Rates Determined?
Several factors impact your Washington auto loan interest 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Olympia could result in a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Olympia Car Loan Rate?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Olympia, WA. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Olympia car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you see what you can afford.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use 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 Olympia, WA — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Olympia, WA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Olympia, WA no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the best loan for you, and head down to a dealer in Olympia to purchase a new ride. Apply now to check today's lowest interest rates!