How Are Car Loan Rates in Fort Lauderdale, FL Calculated?
Many factors affect your Florida auto loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Fort Lauderdale dealership could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Fort Lauderdale 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 start applying for auto loans in Fort Lauderdale, FL. If you've put 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 change on your own. Most auto loans in Fort Lauderdale have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you decide what you can afford.
If you have less than ideal credit, improving your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. 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.
Putting effort into finding the right lender can also help you snag 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 Fort Lauderdale, FL — even without the best credit or income. You don't want to choose the first offer you get because a better one could be right around the corner. And, some lenders are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Fort Lauderdale, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Fort Lauderdale, FL regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Fort Lauderdale dealer to purchase a new ride. Apply now to check today's lowest interest rates!