What Determines Your Auto Loan Rate in Spokane, WA?
Many factors influence your Washington auto loan interest 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 poor credit score, low income, or buying an older vehicle from a dealer in Spokane could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
Is There a Way to Lower My Spokane Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Spokane, WA. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most car loans in Spokane have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms are also likely 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 estimates what your monthly payment could be with different interest rates and terms to help you figure out what might be affordable.
If your credit is far from great, raising your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Washington car 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 see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Spokane, WA — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Discover the Best Auto Loan Rates in Spokane, WA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Spokane, 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 best deal. Fill out our secure online application, select the best loan for you, and visit your Spokane dealer to purchase a new car. Apply today to see the current lowest interest rates!