How Are Port Angeles, WA Auto Loan Rates Determined?
Several factors impact your Washington car loan interest rate, including the loan amount, your credit score, your income, the down payment, the age of the car, 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 Port Angeles could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Is There a Way to Lower My Port Angeles Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you complete an application for a car loan in Port Angeles, WA. If you've put in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most Port Angeles 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 typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what might work for your budget.
If your credit is less than stellar, raising your score could lower 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 to bring it up fast. It may take some time and work to better your credit score, but it's worth it to get those lower Washington car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Port Angeles, WA — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Port Angeles, WA with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Port Angeles, WA no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!