How Are Car Loan Rates in Ft Lauderdale, FL Calculated?
Many factors impact your Florida car loan rate, including your income, your credits core, the loan amount, 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 Ft Lauderdale dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Ft Lauderdale, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you begin applying for auto loans in Ft Lauderdale, FL. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most car loans in Ft 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 they usually mean 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you determine what you can afford.
If your credit is less than stellar, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take today to bring it up 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.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Ft Lauderdale, FL — even if you don't have the highest income or best credit. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Discover the Best Auto Loan Rates in Ft Lauderdale, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Ft Lauderdale, FL no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can get the right deal. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Ft Lauderdale to purchase a new ride. Apply today to see the current lowest interest rates!