How Are Car Loan Rates in Coral Springs, FL Calculated?
Several factors impact your Florida car loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Coral Springs dealership could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Coral Springs, FL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Coral Springs, FL. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can control. Most Coral Springs car 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 usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what might be affordable.
If you have less than ideal credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Florida auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Coral Springs, FL — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Coral Springs, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Coral Springs, 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 right deal. Fill out our secure online application, select the best loan for you, and visit your Coral Springs dealer to purchase a new car. Apply today to see the current lowest interest rates!