How Are Palmetto Bay, FL Auto Loan Rates Determined?
Several factors contribute to your Florida car loan rate, including your credit score, the amount of the loan, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Palmetto Bay dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Palmetto Bay, FL?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate might look like before having to apply for a car loan in Palmetto Bay, FL. If you've filled out your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most Palmetto Bay car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you can afford.
If you have less than stellar credit, increasing your score could decrease your interest rate. 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. Your credit score will take some effort and time to build, but it's worth it to get those lower Florida car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Palmetto Bay, 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 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.
Use myAutoloan to Check the Best Auto Loan Rates in Palmetto Bay, FL
myAutoloan wants to help you find the lowest auto loan rates in Palmetto Bay, FL no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Complete our secure online application, pick the loan that works best for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!