How Are Dade City, FL Auto Loan Rates Determined?
A handful of factors influence your Florida auto loan interest rate, including your credit score, the amount of the loan, your income, 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 Dade City could mean a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
Is There a Way to Lower My Dade City Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Dade City, FL. If you've supplied your information and don't like the percentage you see, what can be done to lower it?
The loan term is one aspect you can change on your own. Most auto loans in Dade City have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you can afford.
If your credit is far from great, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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'll be worth it once you see those lower Florida auto loan rates.
Putting effort into finding 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. You need to compare offers and shop around for the best auto loan rate in Dade City, FL — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Dade City, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Dade City, FL no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and purchase a new ride from your {City}} dealer. Apply today to see the current lowest interest rates!