Auto Loans in Seattle (WA)

SeattleInterested in buying a new or used vehicle? If you are, it’s quite possible you are going to need a car loan. We do business with a wide network of dealers and lenders, and that means we can help applicants of every credit tier and budget. We assign you a finance expert whose goal is to get you approved for the car loan you need.

Auto Loans in Seattle for New Cars

Considering a new car? New cars have their advantages, including hassle-free maintenance, a plethora of dealer promotions, and let’s not forget that new car smell. However, if you finance a new car, you should plan to keep it until the loan is fully paid back. Because of the steep depreciation to which they are susceptible, it is easy to find yourself owing more for your new car than it is worth. You don’t wind up owing the bank even after the car has been traded in or sold.

Most of the time, new cars and trucks are best for people who have a good credit record, as the annual percentage rates can be quite inexpensive. For people with poor credit, it can sometimes be easier to finance a new car, especially if you work with an automaker such as Kia or Hyundai that is more receptive to buyers with less-than-perfect credit. However, even the cheapest new car these days costs in excess of $12,500, and so it is important to have strong, stable income, even if your credit isn’t the best.

Used Vehicle Financing in Seattle

Used cars and trucks have quite a few advantages. They cost less, of course–a lot less. For instance, did you know that a vehicle just two years old can typically be purchased for just half of its original retail price? Preowned autos do come with higher finance fees, but down payments are not nearly as high as what they are for brand new vehicles that cost the same.

Loan companies will have restrictions in terms of miles and age, however. Vehicle must have no more than 100,000 miles and be a maximum of 7 years old. In this table, we’ve placed side by side the costs of new and used vehicle loans in Seattle, Washington. This assumes a two year old vehicle that has lost 50% of its value, and a borrower with a prime credit score.

New Car Used Car
Price $20,490 $10,245
Down Payment $4,098 $1,025
Interest Rate 5.20% 8.90%
Duration 60 months 48 months
Monthly Payment $310.84 $229.01
Interest Paid $2,258 $1,772
Total Paid $22,748 $12,017

Financing a Car with Bad Credit in Seattle

If you’ve got low credit scores, having your auto loan approved by a bank generally isn’t possible. Getting a finance company in Seattle who works with bad credit is vital, or you could be rejected or deal with an excessive interest rate. That’s where we can help. At Evergreen Auto Finance, we are experts in serving clients with credit problems of all kinds, getting them approved for the loans they need.

However, there are a few unavoidable drawbacks to expect, the most significant of which is the higher rate of interest you will be charged. Also, you will find it difficult, if not impossible, to get approved without a down payment. To the contrary, at least 10-20% down, either in the form of cash or equity, may be required. Be that as it may, many Seattle residents end up re-establishing their credit through a bad credit car loan. After all, payment history represents an enormous chunk of your credit score, and this new history of on-time payments goes a long way in boosting your score.

Searching for Errors on Your Credit Report

It’s now estimated that 1 in 5 individuals has an inaccuracy on their credit report, as reported by one, two, or all three of the main credit reporting agencies: Equifax, Experian, or Transunion. Fortunately, it is not very hard to dispute any mistakes, and the process could result in a lower and much better terms. To get started, pull your credit reports from a trusted source such as, where you can do so for free once annually. If you do find mistakes, download and complete a dispute letter, then mail it to the credit bureau or bureaus which are reporting the error. They are required by law to review your dispute in a timely fashion.

Buy Here Pay Here Auto Loans in Seattle, Washington

Buy here pay here dealers ordinarily do business with people with severe credit problems such as:

  • Filing bankruptcy
  • Auto Repossession
  • Judgments

Sure, they do not carry out credit checks, which means bad credit probably won’t be a hindrance to getting approved, but chances are high you will overpay in terms of down payment and interest rate. Alas, you should be prepared for inflated loan rates, expensive down payments, and somewhat battered vehicles that are steeply-priced. There’s more: these dealers very rarely report back to the credit bureaus, so you could make all of your payments month after month without boosting your FICO score.

Seattle Income and Finances

  • Income Per Year: $24,584
  • Monthly Income: $24,584
  • Optimal Car Payment: $102 to $205 (5-10% of monthly income)

Vehicle Budgeting in Seattle

Take a look at this chart, which shows what price car you can get financed based upon your credit rating, provided an income of $2,049 a month, 5 year term, and 20% down payment.

Excellent Credit Fair Credit Poor Credit
Monthly Income $2,049 $2,049 $2,049
Monthly Installment $164 $164 $164
Loan Rate 3.80% 7.00% 10.20%
Months 60 60 60
Vehicle Price $11,181 $10,348 $9,599
Down Payment $2,236 $2,070 $1,920
Note Size $8,944 $8,278 $7,679
Total Interest $891 $1,557 $2,156
Total with Interest $12,071 $11,905 $11,755

Apply Online in 90 Seconds

At Evergreen Auto Finance, we’re experts at getting behind the wheel of a new car. We don’t charge an application fee, and you could be driving your new vehicle to a Seahawks or Mariners game before you know it.