Financial Services

4 Must-Know Tips to Lower Auto Loan Rates

High-interest rates aren’t good news for car buyers. But there are plenty of ways you could find and snag lower auto loan rates in Washington. Before you put in a down payment for your brand-new ride, here are a few things to keep in mind to get the rates you want.

Have a clean driving record

If you’re a daredevil behind the wheel and you’ve got a ton of traffic tickets and violations, that’s going to make you less likely to qualify for a discount. Those with a spotless driving record, though, can enjoy these perks. If you want discounts, start changing your driving habits when you get behind the wheel.

Get rid of your debt

You’re likely to get lower rates, too, when you get rid of credit card debt. If you have a good history of paying on time, then you won’t have a problem getting the financing you need. However, if you’re often late with your payments and have a bad record as well as a ton of debt, it may not be wise to take on monthly auto loan payments. Clear your debts first before you add another expense to your monthly bills.

Look beyond banks

Banks aren’t the only loan providers around. You can look to credit unions too like HAPO. That should net you better auto loan rates in Washington. With credit unions, you can expect lower fees and interest rates, the BusinessWire says. That’s going to make it possible for you to manage your monthly payments much, much better.

Check the offers

Sometimes, all it takes is simple research to find out which loans work better for you in the long run. That’s why careful assessment and evaluation of loan offers must be undertaken before you pick one. That should get you better rates when you shop for a financing solution.

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