How Are Renton, WA Auto Loan Rates Determined?
Various factors affect your Washington car loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Renton could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Renton, WA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Renton, WA. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Renton have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger 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 see what might work for your budget.
If your credit is far from great, improving 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 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 get a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Renton, WA — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Renton, WA with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Renton, 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 best deal. Complete our secure online application, choose the best loan for you, and visit your Renton dealer to purchase a new car. Apply now to check today's lowest interest rates!