How Are Port Orchard, WA Auto Loan Rates Determined?
A handful of factors contribute to your Washington auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Port Orchard dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Port Orchard, WA?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you complete an application for a car loan in Port Orchard, WA. If you've plugged in your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most auto loans in Port Orchard are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to 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 decide what might be affordable.
If your credit is less than stellar, increasing your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it for those lower Washington auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Port Orchard, WA — even if you don't have 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. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Port Orchard, WA
myAutoloan wants to help you find the lowest auto loan rates in Port Orchard, WA regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, pick the loan that works best for you, and head to your Port Orchard dealer to purchase a new ride. Apply now to see today's lowest interest rates!