How Are Naples, FL Car Loan Rates Determined?
A handful of factors influence your Florida car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Naples dealer could 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 becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Naples, FL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before you begin applying for auto loans in Naples, FL. If you've plugged in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most car loans in Naples have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt 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 handle a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you see what might be affordable.
If you have less than stellar credit, increasing your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. 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.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Naples, FL — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Naples, FL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Naples, FL regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Simply complete our 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!