How Are Car Loan Rates in Wesley Chapel, FL Calculated?
Various factors influence your Florida car loan interest rate, including your credit score, the amount of the loan, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Wesley Chapel dealership could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment is and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Wesley Chapel Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before having to apply for a car loan in Wesley Chapel, FL. If you've supplied your information and don't like the percentage you see, what can you do to lower it?
The loan term is one factor you can control. Most car loans in Wesley Chapel are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because they usually mean 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 what your monthly payments might look like with different terms and interest rates to help you determine what you might be able to afford.
If your credit is far from great, boosting your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. Your credit score may take some more time and work, 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 will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Wesley Chapel, FL — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Plus, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Wesley Chapel, FL
myAutoloan wants to help you find the lowest auto loan rates in Wesley Chapel, FL regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the loan that looks best to you, and head to your Wesley Chapel dealer to purchase a new ride. Apply now to see today's lowest interest rates!