How Are Titusville, FL Car Loan Rates Determined?
Several factors contribute to your Florida car loan interest 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Titusville dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Titusville Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before having to apply for a car loan in Titusville, FL. If you've supplied your information and are unhappy with the percentage you see, how can you lower?
The loan term is one thing you have a lot of control over. Most car loans in Titusville are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can handle 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 terms and interest rates to help you figure out what you might be able to afford.
If you have less than stellar credit, improving your score could help lower 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 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 some time to find the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Titusville, FL — even without 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 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.
Find the Best Auto Loan Rates in Titusville, FL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Titusville, 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 find the best deal. Complete our secure online application, choose the loan that looks best to you, and visit your Titusville dealer to purchase a new car. Apply now to see today's lowest interest rates!