How Are Car Loan Rates in Quincy, FL Calculated?
Various factors contribute to your Florida car loan interest rate, including your income, your credits core, the loan amount, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Quincy could result in a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Quincy, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you begin applying for auto loans in Quincy, FL. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most car loans in Quincy 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. However, longer terms also tend to come with higher interest rates. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you see what might be affordable.
If you have less than stellar credit, boosting your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it'll be worth it once you see those lower Florida auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will use 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 Quincy, FL — even without the best credit or income. You don't want to 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 the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Quincy, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Quincy, 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 best deal. Fill out our secure online application, select the best loan for you, and visit your Quincy dealer to purchase a new car. Apply today to see the current lowest interest rates!