How Are Eustis, FL Car Loan Rates Determined?
A handful of factors impact your Florida car loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Eustis dealer could mean a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Eustis, FL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Eustis, FL. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you can control. Most Eustis auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, raising your score could bring your interest rate down. 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. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Florida.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, 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 Eustis, FL — even without the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Keep in mind some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
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