What Determines Your Auto Loan Rate in Crestview, FL?
Several factors influence your Florida car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Crestview dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Crestview, FL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Crestview, FL. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one aspect you can control. Most Crestview auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract 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 higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you see what might work for your budget.
If you have less than ideal credit, 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 how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it to get those lower Florida car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Crestview, FL — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because a better one could be right around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Crestview, FL
myAutoloan is here to help you get the lowest auto loan rates in Crestview, FL no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, select the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!