What Determines Your Auto Loan Rate in Miami Shores, FL?
A handful of factors influence your Florida auto loan 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 Miami Shores could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Miami Shores, FL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Miami Shores, FL. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can change on your own. Most Miami Shores car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you see what might be affordable.
If you have less than ideal credit, improving 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 how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's worth it to get those lower Florida car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Miami Shores, FL — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders leave room for 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 Miami Shores, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Miami Shores, 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. Simply complete our secure online application, select the best loan for you, and visit your Miami Shores dealer to purchase a new car. Apply now to see today's lowest interest rates!