Where to Find a Washington Car Loan

The Internet is generally the cheapest and most convenient place to find a Washington car loan, but you can also comparison shop from other sources. We'll explore your various borrowing options here.

A Credit Union

To be fair, credit unions may be able to offer you a very competitive rate on a Washington car loan. Credit unions tend to have lower rates than traditional lenders and banks, so if you have access to one, you may at least ask for a quote. On the other hand, most credit unions will not loan to borrowers who are not members of the union. For example, you may have to be a teacher or work for a certain organization in order to gain membership.

Your Bank

You probably have a checking or savings account with a local bank that might offer you a Washington car loan. If the bank is large enough, you may even be able to compare their car loan rates on their website. However, traditional banks have two disadvantages. For one, if you already bank with the institution, they are privy to information like the balance of your checking account, savings, etc. They might use this information against you when issuing loans. Secondly, brick-and-mortar banks do not face the level of competition that online lenders do. Fewer banks competing will mean higher rates.

The Dealer

Unfortunately, most car buyers finance their vehicles at the dealership without a second thought. A dealership-originated Washington car loan certainly is the easiest way to go, as you can take care of the purchase and the financing deal in one step. On the other hand, the dealership is nearly always the most expensive way to finance a vehicle. When you get a loan from a dealership, you are paying for two entities to make a profit: the dealer and the lender from which the dealership secures the loan. The result is an inflated interest rate and unfavorable loan terms.

Online

Sites like ours offer all the benefits of the aforementioned financing options without all the hassle and extra cost. You know you need to shop around for a Washington car loan, but you don't necessarily have to visit more than one site to do so. On this site, for example, we provide visitors with as many as five free car loan quotes. Hundreds of lenders from across the nation will have to compete for your loan business, and you come out a winner when that happens.

Another thing to be sure to consider is determining what you can afford.