What Determines Your Auto Loan Rate in Jacksonville, FL?
Many factors contribute to your Florida auto loan rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Jacksonville 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 payment becomes 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 Jacksonville Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Jacksonville, FL. If you've plugged in your information and aren't happy with the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most Jacksonville car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If your budget allows for a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what might be affordable.
If your credit is far from great, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score may take some more time and work, 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 secure a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Jacksonville, FL — even without the best credit or income. You don't want to choose the first offer you get because there might be a better one just around the corner. Keep in mind 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 Jacksonville, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Jacksonville, FL regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can get the right deal. Complete our secure online application, select the best loan for you, and head to your Jacksonville dealer to purchase a new ride. Apply now to check today's lowest interest rates!