Magic Toyota
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FAQ: What Affects My Interest Rate?



Here at Magic Toyota, we have an expert finance team that caters to your needs. If you’re curious about "What Affects My Interest Rate?", then we are here to help. There are a couple of factors, most of which are simple. If you’re in the market for a new Toyota and are concerned about the terms of your future loan, we welcome you to read more and contact us.

FICO and Your Interest Rate


Your FICO score is important for many aspects of your credit, and to varying degrees. However, one of the key components when it comes to the rates on your loan is the auto-specific FICO score. Our friendly finance team is honest and direct, and we let you know from the start how your car loan history will affect your soon-to-be-new terms. What Affects My Interest Rate? Those wondering why will find it handy that the finance term factors into things. For instance, more money for a shorter loan versus lower payments for a longer loan all come into play. Your equity position is another factor. Lastly, the age of the vehicle is significant. While Toyota’s are built to last, an older car typically carries a lower rate than, say, a one-owner car from the current model year.

Helping You Understand What Affects Your Interest Rate


Our finance staff works hard to get you the best rate possible, and we factor in your current finances and needs in addition to the points listed above. We understand that lending isn’t the same for everyone, and we treat you like family when you are here. You will never be rushed, and our top concern is that you drive off with a loan that suits your needs. Those interested in "What Affects My Interest Rate?" for a new or pre-owned Toyota vehicle will be pleased to note that we have a huge selection from which to choose. If your credit isn’t the best, or if you aren’t confident in your equity position, we have an outstanding selection of pre-owned vehicles that can potentially help you with the "age of vehicle" factor. Regardless of the age, you are virtually certain to find a great vehicle that will serve you well for years to come.

For more information on what affects your future interest rate and the options you have, don’t hesitate to contact us here at our Edmonds, WA establishment. We are located at 21300 Highway 99, and our finance team is here every day of the week. We look forward to meeting you.

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