How Are Fort Myers, FL Car Loan Rates Determined?
Several factors affect your Florida car loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Fort Myers could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Fort Myers, FL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Fort Myers, FL. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most car loans in Fort Myers have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher 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 figure out what might work for your budget.
If you have less than stellar credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's all worth it for getting those lower auto loan rates in Florida.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Fort Myers, FL — even without the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget 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.
Use myAutoloan to Check the Best Auto Loan Rates in Fort Myers, FL
myAutoloan is committed to helping you find the lowest auto loan rates in Fort Myers, FL regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head down to a dealer in Fort Myers to purchase a new ride. Don't wait to apply and check today's lowest interest rates!