What Determines Your Auto Loan Rate in Winter Haven, FL?
Various factors affect your Florida auto loan interest rate, including your income, your credits core, the loan amount, 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 Winter Haven dealership could result in a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly payment is and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more overall.
How Do I Lower My Auto Loan Rate in Winter Haven, FL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate could be before you begin applying for auto loans in Winter Haven, FL. If you've filled out your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one factor you have a lot of control over. Most Winter Haven auto loans 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. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you determine what you might be able to afford.
If your credit is less than stellar, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it 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.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will consider the same information, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Winter Haven, FL — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Don't forget some lenders allow for negotiation, 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 Winter Haven, FL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Winter Haven, FL regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Winter Haven dealer to purchase a new ride. Apply today to see the current lowest interest rates!