What Determines Your Auto Loan Rate in New Smyrna Beach, FL?
Several factors contribute to your Florida auto loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in New Smyrna Beach 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 bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in New Smyrna Beach, FL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before having to apply for a car loan in New Smyrna Beach, FL. If you've put in your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one factor you have total control over. Most auto loans in New Smyrna Beach have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment based on different interest rates and terms to help you decide what might be affordable.
If your credit is less than stellar, increasing 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 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 all worth it for getting those lower auto loan rates in Florida.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in New Smyrna Beach, FL — even without the best credit or income. You shouldn't automatically 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 other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in New Smyrna Beach, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in New Smyrna Beach, 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 get the right deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your New Smyrna Beach dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!