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The majority of new cars and trucks are bought through financing or leased. In most cases, the loan provider retains a lien on the car or truck until it is fully paid off. You will need to carry full coverage insurance during this time, and your interest rate will depend largely on your credit score. To help speed up approval, you can submit an application online for your auto loan. There are professionals waiting to help you finance the car you need at an economical rate.

Car Loan Rates in Washington

These rates are for informational purposes only. They are not advertisements. Factors that affect your precise rate of interest include your credit rating, where you live, your job history, the type of vehicle you want to finance, and the size of your loan.

Credit Score New Car Pre-owned Car
Excellent 3.5% 3.7%
Good 4.9% 5.6%
Average 6.7% 7.2%
Subprime 9.7% 8.5%
Bad 14.2% 17.5%
Very Bad 15.9% NA

Do you know your FICO score? You really should. Many loan providers make use of an automotive-specific credit score not available to buyers, but you can go here to check your credit scores online.

Used Auto Loans in Washington

Used autos don’t cost somuch, but the APR rates are a little more expensive. If wealth-building is important to you, however, you’ll go with a used car. Consider the comparison below.

Age Price APR Months Payment Interest Total
New $19,200 6.00% 60 $371.19 $3,071 $22,271
1 Year $15,360 7.50% 60 $307.78 $3,107 $18,467
2 Years $13,056 7.50% 60 $261.62 $2,641 $15,697
3 Years $11,098 7.50% 60 $222.37 $2,245 $13,342

Essentially, the car purchased new for $19,200 is worth only $11,098 after 36 months. Typically, you can finance a car that’s up to 10 years old. Mileage constraints may apply.

Poor Credit Car Loans in Washington

Getting a car loan with bad credit can be a challenge, particularly if you are reluctant to pay an excessive interest. Higher credit scores usually lead to more affordable rates, but there are a lot of other factors at play. Back in the day, consumers had to go from one dealership to another, hunting for one able to offer them credit. Fortunately, the internet has streamlined much of this legwork. Of course, you’ve got to be careful of unethical lenders. This is especially so if you resort to a buy here pay here car lot. The negatives are noteworthy, such as extravagant interest rates and multitudinous conditions. As a general rule, it’s best to deal with a traditional bank, credit union, or lender. A regular loan provider will report to the credit reporting agencies, meaning your credit score will improve as long as you keep making your payments on schedule.

Contact an auto finance professional in your area today.

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