What Determines Your Auto Loan Rate in Brandon, FL?
Various factors contribute to your Florida auto loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Brandon dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Brandon, FL?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you complete an application for a car loan in Brandon, FL. If you've plugged in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one element you have total control over. Most Brandon auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you see what might be affordable.
If your credit is far from great, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score will take some effort and time to build, but it's worth it for those lower Florida auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will consider the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Brandon, FL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Brandon, FL
myAutoloan is dedicated to helping you find the lowest car loan rates in Brandon, FL regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, select the best loan for you, and head to your Brandon dealer to purchase a new ride. Apply now to check today's lowest interest rates!