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4 Ways to Get Better Auto Loan Rates

4 Ways to Get Better Auto Loan Rates

People love discounts. If you want to snag lower auto loan rates in Washington, here are insider tips to get you good deals.

Be a good driver

Follow the rules so you won’t have black marks on your driving record. Companies will like this and will likely give you better rates for your loans because of it. A spotty driving record, on the other hand, might make it a lot harder for your loan application to get approved. If it does get approved, you’re much more likely to end up with higher rates.

Keep your credit score high

This is another thing companies look at when they consider your loan application, Nationwide says. If you have a high credit score, then you aren’t a credit risk. That’s why some people get low rates and some get high-interest rates. The rule of thumb is, the better your score is, the lower the rates you can get. If you have a bad one, though, then do your best to fix it before you apply for a loan.

Pay off your debts

If you have massive credit card debt and have a spotty payment history, that’s going to make it harder to get your loan approved. That may mean a difficult path to getting the financing you need. If you plan on buying a car or a home, then always pay your bills on time. Don’t let your debt get out of control.

Look for credit unions

A lot of people don’t know that credit unions offer lower fees and interest rates. Unlike banks that have stock holders, which means the business is required to earn money, credit unions don’t have that. That’s why they can pass off bigger cost-savings to their clients. If you want a better interest rate for your loan, do your research and head on over to a credit union in your area.

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