How Are Coral Gables, FL Auto Loan Rates Determined?
Various factors influence your Florida auto loan rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Coral Gables could lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Coral Gables, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before having to apply for a car loan in Coral Gables, FL. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Coral Gables car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, raising your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Florida car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Coral Gables, FL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Coral Gables, FL
myAutoloan is here to help you get the lowest auto loan rates in Coral Gables, FL regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head to your Coral Gables dealer to purchase a new ride. Apply now to check today's lowest interest rates!