What Determines Your Auto Loan Rate in Shoreline, WA?
Many factors impact your Washington auto loan interest rate, Including your credit score, your income, the amount of the loan, 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 Shoreline dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the more you pay each month and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Shoreline, 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 Shoreline, WA. If you've plugged in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most car loans in Shoreline have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically 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 wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Washington car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Shoreline, WA — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Don't forget some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Shoreline, WA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Shoreline, WA regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Shoreline to purchase a new ride. Apply now to see today's lowest interest rates!