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Most folks decide to buy their cars and trucks with an auto loan, making monthly payments versus shelling out the entire amount at once. Unfortunately, getting approved for such a loan can be a serious pain, particularly if your credit isn’t ideal. Instead of wasting time at the car lot or finance company, you can apply for financing today online. A local finance specialist can walk you step by step through the process, helping you get the loan you need from a lender you can trust.

Auto Loan Rates in Florida

These rates are for informational purposes only. They’re not advertisements. Exact rates vary.

FICO Rating New Car Used Car
Excellent 3.2% 3.3%
Good 4.4% 4.5%
Average 6.1% 6.0%
Subprime 9.0% 9.4%
Bad 13.4% 14.1%
Very Bad 13.8% 15.5%

You ought to know what your credit rating is. If you don’t know your credit score, you could pay too much in interest. Visit here to check your score.

Used Car Loans in Florida

Used vehicles aren’t as expensive, but the rates are slightly more expensive as compared with new cars. That said, new autos depreciate so quickly, pre-owned vehicles are typically a better value. Check out the comparison below, which displays the costs of auto loans for new versus pre-owned vehicles.

Age Price APR Months Payment Interest Total Cost
New $20,600 6.00% 60 $398.26 $3,295 $23,895
1 Year $16,480 7.50% 60 $330.23 $3,334 $19,814
2 Years $14,008 7.50% 60 $280.69 $2,833 $16,841
3 Years $11,907 7.50% 60 $238.59 $2,408 $14,315

Are you considering a pre-owned car or truck? Most finance companies will permit you to finance a used vehicle that’s up to a decade old, sometimes a bit less, and some cap the miles at 100K miles.

Bad Credit Car Loans in Florida

Getting financed with below-average credit can be a challenge, especially if you are unwilling to pay an excessive interest. With a FICO score in the 700s, you shouldn’t have any trouble obtaining a car loan, but approval and annual percentage rate both become concerns if you have bad credit. Fortunately, you can now find banks and lenders who cater to individuals with less-than-perfect credit.

In Florida, buy here pay here dealerships wind up servicing people on the lower side of the credit spectrum Clearly, your credit won’t be a concern, but you will find yourself forking over a lot in interest for a high mileage car or truck.

In most cases, it’s best to find a regular old bank or loan provider. The down payments are cheaper, the same as the annual percentage rates, and the service is far better.

Contact an auto finance professional in your city today.

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