How Are Sebring, FL Car Loan Rates Determined?
Various factors affect your Florida auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Sebring dealership could result in a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Sebring, FL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you complete an application for a car loan in Sebring, FL. If you've supplied your information and don't like the percentage you see, what steps can you take to lower it?
The loan term is one factor you can change on your own. Most Sebring auto loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 you can afford a bigger monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you determine what might work for your budget.
If your credit is far from great, boosting 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 to bring it up fast. 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.
Taking the time to hunt down 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 compare offers and shop around for the best auto loan rate in Sebring, FL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive 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 the other to see if they can beat the interest rate.
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