How Are Palm Beach Gardens, FL Car Loan Rates Determined?
A handful of factors affect your Florida car loan rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, 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 Palm Beach Gardens dealer could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Palm Beach Gardens, FL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate might look like before having to apply for a car loan in Palm Beach Gardens, FL. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most car loans in Palm Beach Gardens are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you decide what you might be able to afford.
If you have less than ideal credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's worth it to get those lower Florida car loan rates.
Putting effort into finding the right lender can also help you secure 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 Palm Beach Gardens, FL — even without the best credit or income. You shouldn't go with the first offer you receive because a better one might be waiting just around the corner. Plus, some lenders leave room 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 Palm Beach Gardens, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Palm Beach Gardens, 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 perfect loan. Simply complete our secure online application, choose the loan that looks best to you, and visit your Palm Beach Gardens dealer to purchase a new car. Apply today to see the current lowest interest rates!