What Determines Your Auto Loan Rate in Saint Augustine, FL?
Various factors impact your Florida auto loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Saint Augustine might lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the more you pay each month and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Saint Augustine, FL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before you complete an application for a car loan in Saint Augustine, FL. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most auto loans in Saint Augustine have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers are drawn in by longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for 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 decide what might work for your budget.
If your credit is less than stellar, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. It may take some effort and time to increase your credit score, but it's worth it for those lower Florida auto loan rates.
Putting effort into finding 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. It's important to shop around and compare offers to find the best car loan rate in Saint Augustine, FL — even if you don't have 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. Keep in mind some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
See the Best Auto Loan Rates in Saint Augustine, FL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Saint Augustine, FL no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the loan that looks best to you, and head to your Saint Augustine dealer to purchase a new ride. Don't wait to apply and check today's lowest interest rates!