How Are Pullman, WA Auto Loan Rates Determined?
Several factors affect your Washington car loan rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Pullman dealership could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Pullman, WA?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Pullman, WA. If you've put in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Pullman 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 have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 all worth it for getting those lower auto loan rates in Washington.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Pullman, WA — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Pullman, WA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Pullman, WA regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the perfect loan. Fill out our secure online application, choose the loan that looks best to you, and visit your Pullman dealer to purchase a new car. Apply now to check today's lowest interest rates!