How Are North Miami Beach, FL Auto Loan Rates Determined?
Many factors impact your Florida auto loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your North Miami Beach dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the more you pay each month and the more you spend over your loan’s term. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Is There a Way to Lower My North Miami Beach Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before you begin applying for auto loans in North Miami Beach, FL. If you've put in your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most North Miami Beach auto loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you figure out what you might be able to afford.
If you have less than ideal credit, 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 effort and time to increase 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 achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in North Miami Beach, FL — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because there could be a better one right around the corner. And, 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 North Miami Beach, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in North Miami Beach, FL regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can find the best deal. Fill out our simple and secure online application, select the best loan for you, and visit your North Miami Beach dealer to purchase a new car. Apply today to see the current lowest interest rates!