How Are Car Loan Rates in Tukwila, WA Calculated?
Various 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 Tukwila dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Tukwila, WA?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you complete an application for a car loan in Tukwila, WA. If you've plugged in your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you can change on your own. Most Tukwila auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually have 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, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, raising 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 to bring it up fast. It may take some effort and time to increase your credit score, 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 consider the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Tukwila, WA — even without a high income or credit score. 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 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 Tukwila, WA with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Tukwila, WA no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply now to see today's lowest interest rates!