How Are Car Loan Rates in Davie, FL Calculated?
A handful of factors affect your Florida car loan rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Davie could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Davie, FL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Davie, FL. If you've filled out your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have total control over. Most auto loans in Davie have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. But longer terms are also likely to 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 shows what your monthly payments might look like with different interest rates and terms to help you figure out what you might be able to afford.
If you have less than ideal credit, improving your score could 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 effort and time to increase your credit score, but it's worth it for those lower Florida auto 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. Shopping around and comparing offers will help you find the best auto loan rate in Davie, FL — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Davie, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Davie, 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 best deal. Complete our secure online application, pick the loan that works best for you, and head to your Davie dealer to purchase a new ride. Apply today to see the current lowest interest rates!