How Are Plantation, FL Auto Loan Rates Determined?
A handful of factors affect your Florida car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Plantation dealership could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment becomes and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Lower My Auto Loan Rate in Plantation, FL?
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 Plantation, 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 thing you can change on your own. Most Plantation auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what you might be able to afford.
If your credit is less than stellar, increasing your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Florida.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will use 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 Plantation, FL — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Plus, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Plantation, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Plantation, FL no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can find the perfect loan. Fill out our simple and secure online application, pick the loan that works best for you, and head down to a dealer in Plantation to purchase a new ride. Apply now to check today's lowest interest rates!