What Determines Your Auto Loan Rate in Lakeland, FL?
Several factors contribute to your Florida auto loan rate, including your credit score, the amount of the loan, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Lakeland dealership might lead to a higher interest rate. But why is a high interest rate bad? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Lakeland, 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 Lakeland, FL. If you've plugged in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one aspect you have a lot of control over. Most Lakeland car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, but it's worth it to get those lower Florida car 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. It's important to shop around and compare offers to find the best car loan rate in Lakeland, FL — even without a high income or credit score. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Lakeland, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Lakeland, FL no matter your credit score or the type of car you're buying. You can look at up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!