How Are Tallahassee, FL Car Loan Rates Determined?
Several factors contribute to your Florida auto loan rate, including the loan amount, your credit score, your income, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Tallahassee might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Tallahassee, FL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you start applying for auto loans in Tallahassee, FL. If you've supplied your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most car loans in Tallahassee 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 typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you see what you can afford.
If you have less than stellar credit, increasing 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 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'll be worth it once you see those lower Florida auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Tallahassee, FL — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, 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 Tallahassee, FL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Tallahassee, 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 get the right deal. Simply complete our secure online application, select the best loan for you, and visit your Tallahassee dealer to purchase a new car. Apply now to check today's lowest interest rates!