How Are Riverview, FL Auto Loan Rates Determined?
A handful of factors affect your Florida auto loan interest rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Riverview could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, 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 on interest.
How Do I Get a Lower Car Loan Interest in Riverview, FL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you complete an application for a car loan in Riverview, FL. If you've supplied your information and aren't liking the percentage you see, how can you lower?
The loan term is one aspect you have a lot of control over. Most Riverview auto loans 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. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you determine what you might be able to afford.
If you have less than stellar credit, improving 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 will take some effort and time to build, 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 secure a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Riverview, FL — even without a high income or credit score. You don't want to go with the first offer you receive because there could be a better one right around the corner. Keep in mind some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Discover the Best Auto Loan Rates in Riverview, FL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Riverview, FL regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the loan that looks best to you, and visit your Riverview dealer to purchase a new car. Apply now to check today's lowest interest rates!