Securing the best auto loan rates in Washington can mean spending days browsing online for the right one. After all, you aren’t going to walk into a dealership without any idea of the kind of car you want. That’s why you shouldn’t walk into a dealership without securing your financing first. Otherwise, you’re limiting your options to whatever the dealer will offer.
Here’s how to find the best loan for you:
Look at the total cost
A lot of lenders will try to get you to sign up with them by providing you with a low rate. But lower monthly rates aren’t the best indicator of whether or not you’re getting a good deal. One key consideration is the term of the loan as well. How long will you be shelling money out for those monthly payments? You’ll want to go for a loan that’s as short as you can afford, says the Consumer Reports.
Look beyond banks
Banks, especially big banks, charge high fees and provide service that’s often less than stellar. If you want better auto loan rates in Washington, consider going to a credit union. Credit unions are nonprofits and don’t have stockbrokers so they’re well able to keep their costs low and pass these low-cost savings to their customers. If you’re tired of dealing with banks that charge extra fees for just about every service, you’ll find credit unions much more suited to your needs and budget.
Always read the fine print
Don’t automatically sign up for the first credit union you find. Read the terms and conditions. Take the paperwork home so you can thoroughly check everything before you sign. This paperwork is a binding agreement, one that’s going to be in effect for years so it’s wise to know exactly what you’re saying yes to before you agree.
For more information, visit them at HAPO today!