How Are Car Loan Rates in Pasco, WA Calculated?
Many factors affect your Washington car loan interest rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Pasco dealer could mean 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. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Pasco, WA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Pasco, WA. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you have total control over. Most Pasco car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you determine what might work for your budget.
If your credit is less than stellar, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower Washington auto loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use 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 Pasco, WA — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Pasco, WA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Pasco, WA no matter your credit score or the type of car you're buying. You can see 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 visit your Pasco dealer to purchase a new car. Apply now to see today's lowest interest rates!