How Are Car Loan Rates in Miami, FL Calculated?
A handful of factors influence your Florida auto loan interest rate, including your income, your credits core, the loan amount, 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 Miami could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly payment becomes and the more you spend in total. Just one or two percent more could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Miami, FL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Miami, FL. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most Miami auto 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 the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better 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 determine what you can afford.
If your credit is less than stellar, boosting 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 the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Florida.
Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Miami, FL — even if you don't have the best credit or income. You don't want to choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders allow for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Find the Best Auto Loan Rates in Miami, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Miami, FL no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head to your Miami dealer to purchase a new ride. Apply now to see today's lowest interest rates!