How Are Melbourne, FL Auto Loan Rates Determined?
Various factors influence your Florida car loan rate, Including your credit score, your income, the amount of the loan, 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 Melbourne dealership might lead to a higher interest rate. But what's so bad 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.
Can I Lower My Car Loan Rate in Melbourne, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Melbourne, FL. If you've filled out your information and aren't happy with the percentage you see, how can you lower?
The loan term is one factor you have total control over. Most Melbourne auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually mean a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you determine what you can afford.
If your credit is less than stellar, raising 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 to bring it up fast. It may take some time and work to better your credit score, but it's worth it for those lower Florida auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Melbourne, FL — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Don't forget 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 Melbourne, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Melbourne, FL regardless of your credit score and the type of car you're buying. We'll show you up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!