How Are Car Loan Rates in Vancouver, WA Calculated?
Several factors affect 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Vancouver dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the life 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 Vancouver, WA?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Vancouver, WA. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one element you have total control over. Most car loans in Vancouver 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what might work for your budget.
If you have less than stellar credit, increasing your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it for those lower Washington auto loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Vancouver, 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 could be a better one right around the corner. Don't forget some lenders allow for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Vancouver, WA with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Vancouver, WA regardless of your credit score and the type of car you're buying. You can see 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 Vancouver dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!