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Home / Finance / Florida Auto Finance / Ft Lauderdale (FL) Auto Loans

 

The majority of new cars and trucks are bought with a loan, and the others are generally leased. Typically, the bank retains a lien on the car or truck while the loan is being repaid. You are expected to carry full coverage insurance until the lien has been released, and your interest rate will depend largely on your credit score. To accelerate approval, you can submit an application on the web for a car loan.

Finance companies and dealerships will compete to finance your credit, putting you in the driver’s seat of the approval process.

Auto Loan Rates in Ft Lauderdale

The rates below aren’t anything but estimates to give you a notion of what rate you can expect given where you are and your credit score. Factors that influence your exact annual percentage rate include, most significantly, your credit rating, but also a wealth of other factors

Credit 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%

Used Car Loans in Ft Lauderdale

Used cars and trucks don’t cost asmuch, but the loan rates are somewhat elevated compared with brand new vehicles. However, pre-owned cars and trucks are cheaper in the end, and they require cheaper down payments. You can finance a low-mile used vehicle for a fraction of what it costs to finance a brand new one.

Age Price APR Months Payment Interest Total
New $31,500 6.00% 60 $608.98 $5,039 $36,539
1 Year $25,200 7.50% 60 $504.96 $5,097 $30,297
2 Years $21,420 7.50% 60 $429.21 $4,333 $25,753
3 Years $18,207 7.50% 60 $364.83 $3,683 $21,890

Are you considering a used car? Auto loans for used cars have slightly higher interest rates, but in most situations, you only need 10% down, and the insurance premiums are cheaper.

Poor Credit Auto Loans in Ft Lauderdale

Below-average credit has become a huge problem among consumers in Ft Lauderdale, and throughout Florida. Few things are more humiliating than having your credit denied at the car dealership. Years ago, there were few auto loan companies who would approve consumers with credit problems. Now many loan providers, including some banks, have subprime finance divisions.

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It might seem like a buy here pay here car dealership is the most convenient option. Such dealers don’t even pull your credit, and they offer affordable, pre-owned vehicles. No, your credit won’t be an issue at such a place, but you will find yourself forking over a lot in interest for a high mileage car or truck. It is best to stay away from these dealers when you can, and obtain an auto loan online. This is the way the majority of people get financed nowadays, and it’s a lot less expensive in the end.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Your payment history has a major influence over your credit score. Paying down an auto loan repairs that payment history, improving your credit score along the way. Your FICO score isn’t going to spike the instant you pay off your auto loan. It gradually increases as you make your payments on time. Most lenders offer automated bill payment services, which are key to keeping current on your payments.

Ft Lauderdale Resources

Credit Unions

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