What Determines Your Auto Loan Rate in Homestead, FL?
A handful of factors influence your Florida auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Homestead could 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 over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Homestead, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you complete an application for a car loan in Homestead, FL. If you've put in your information and aren't liking the percentage you see, how can you lower?
The loan term is one factor you can control. Most car loans in Homestead 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, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you decide what might work for your budget.
If your credit is far from great, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from 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 worth it for those lower Florida auto loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will use the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Homestead, FL — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Don't forget 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.
Discover the Best Auto Loan Rates in Homestead, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Homestead, FL no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, choose the loan that looks best to you, and visit your Homestead dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!