How Are Car Loan Rates in Winter Park, FL Calculated?
Several factors impact your Florida auto loan rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Winter Park could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Winter Park, FL?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Winter Park, FL. If you've put in 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 auto loans in Winter Park have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like with different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. 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 get 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 Winter Park, 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 are open to negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Winter Park, FL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Winter Park, 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 right deal. Fill out our secure online application, choose the best loan for you, and head to your Winter Park dealer to purchase a new ride. Apply now to check today's lowest interest rates!