How Are Leesburg, FL Car Loan Rates Determined?
A handful of factors influence your Florida car loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Leesburg might lead to a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, the higher your monthly bill is and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
Is There a Way to Lower My Leesburg Car Loan Rate?
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 Leesburg, FL. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most car loans in Leesburg are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers 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 bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you decide what might work for your budget.
If you have less than ideal credit, improving 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. It may take some effort and time to increase your credit score, but it'll be worth it once you see those lower Florida auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Leesburg, FL — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Leesburg, FL
myAutoloan is committed to helping you find the lowest auto loan rates in Leesburg, 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 find the right deal. Simply complete our secure online application, select the best loan for you, and head to your Leesburg dealer to purchase a new ride. Apply now to check today's lowest interest rates!