How Are Tampa, FL Car Loan Rates Determined?
Many factors contribute to your Florida car loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Tampa dealer could result in a higher interest rate. But why worry 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. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Tampa, FL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before having to apply for a car loan in Tampa, FL. If you've supplied your information and don't like the percentage you see, how can you lower?
The loan term is one aspect you can control. Most Tampa auto loans 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. But longer terms are also likely to come with higher interest rates. If you can afford a bigger monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you figure out what might work for your budget.
If you have less than stellar credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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.
Waiting to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, 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 Tampa, FL — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Plus, 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.
Discover the Best Auto Loan Rates in Tampa, FL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Tampa, FL regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Tampa dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!