How Are Car Loan Rates in Pompano Beach, FL Calculated?
Several factors influence your Florida auto loan rate, including your credit score, the amount of the loan, your income, 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 Pompano Beach dealer could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Pompano Beach, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Pompano Beach, FL. If you've put in your information and don't like the percentage you see, how can you lower?
The loan term is one factor you have total control over. Most car loans in Pompano Beach are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because the monthly payment is usually lower. But longer terms tend to also come with higher interest rates. If you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Florida auto loan rates.
Waiting to find the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Pompano Beach, FL — even without the best credit or income. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Pompano Beach, FL
myAutoloan wants to help you find the lowest auto loan rates in Pompano Beach, FL regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Complete our secure online application, choose the best loan for you, and head to your Pompano Beach dealer to purchase a new ride. Apply now to see today's lowest interest rates!