What Determines Your Auto Loan Rate in Puyallup, WA?
A handful of factors contribute to your Washington auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Puyallup dealership could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Puyallup, WA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Puyallup, WA. If you've filled out your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one aspect you can control. Most auto loans in Puyallup have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms 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 estimates what your monthly payment could be with different terms and interest rates to help you see what you can afford.
If your credit is less than stellar, improving 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 the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it'll be worth it once you see those lower Washington auto loan rates.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, 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 Puyallup, WA — even without the best credit or income. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Puyallup, WA
myAutoloan wants to help you find the lowest auto loan rates in Puyallup, 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 right deal. Simply complete our secure online application, select the best loan for you, and visit your Puyallup dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!