What Determines Your Auto Loan Rate in Crystal River, FL?
A handful of factors affect your Florida auto loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Crystal River dealer could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Crystal River Car Loan Rate?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you complete an application for a car loan in Crystal River, FL. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one factor you can change on your own. Most Crystal River auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what might work for your budget.
If you have less than stellar credit, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it 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 get a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Crystal River, FL — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. Plus, 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.
See the Best Auto Loan Rates in Crystal River, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Crystal River, FL no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can find the perfect loan. Complete our secure online application, select the best loan for you, and visit your Crystal River dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!