How Are Car Loan Rates in Gainesville, FL Calculated?
Many factors influence 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 Gainesville might lead to 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 in total. A difference of just one or two percent could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Gainesville, FL?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in Gainesville, FL. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one thing you have total control over. Most Gainesville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely 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 what your monthly payments might look like depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and the steps you can take now to raise it quickly. 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.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Gainesville, FL — even without the best credit or income. You shouldn't go with the first offer you receive because there could be a better one right around the corner. And, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Gainesville, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Gainesville, FL no matter what type of car you're buying or your credit score. You can look at 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 down to a dealer in Gainesville to purchase a new ride. Don't wait to apply and check today's lowest interest rates!