How Are Car Loan Rates in Orange Park, FL Calculated?
Several factors influence 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 Orange Park dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month 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 spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Orange Park, FL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Orange Park, 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 element you can change on your own. Most Orange Park auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, raising 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 time and work to better your credit score, but it's worth it to get those lower Florida car loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Orange Park, FL — even without 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. Don't forget 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 Orange Park, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Orange Park, FL no matter what type of car 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 secure online application, choose the best loan for you, and visit your Orange Park dealer to purchase a new car. Apply now to check today's lowest interest rates!