How Are Pembroke Pines, FL Auto Loan Rates Determined?
Several factors affect your Florida auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Pembroke Pines dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Pembroke Pines, FL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you complete an application for a car loan in Pembroke Pines, FL. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have total control over. Most Pembroke Pines car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 what your monthly payment might be depending on different interest rates and terms to help you see what might be affordable.
If your credit is less than stellar, increasing your score could 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. Your credit score will take some effort and time to build, but it's worth it for those lower Florida auto loan rates.
Taking the time to hunt down the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Pembroke Pines, FL — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one could be right around the corner. And, some lenders are open to 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 Pembroke Pines, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Pembroke Pines, FL no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and head to your Pembroke Pines dealer to purchase a new ride. Apply now to see today's lowest interest rates!