What Determines Your Auto Loan Rate in Wenatchee, WA?
Various factors impact 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 poor credit score, low income, or buying an older vehicle from a dealer in Wenatchee could result in a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Wenatchee, WA?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Wenatchee, WA. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one aspect you have a lot of control over. Most Wenatchee car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms 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, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what might be affordable.
If you have less than stellar credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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 all worth it for getting those lower auto loan rates in Washington.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Wenatchee, 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. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Wenatchee, WA
myAutoloan is dedicated to helping you find the lowest car loan rates in Wenatchee, WA no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Wenatchee dealer to purchase a new ride. Apply today to see the current lowest interest rates!