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The vast majority of new vehicles are bought through financing or leased. Unfortunately, arranging a car loan can be a frustrating process, making it incredibly challenging to buy the car you want. Most finance professionals advocate arranging your auto loan before stepping foot on the dealer lot, which provides an array of benefits:

  • Less time spent at the dealer lot.
  • Reduced APR.
  • Improved bargaining power.

Finance companies and dealers will compete for your business in real time, putting you behind the wheel of the financing process.

Auto Finance Rates in Ft Myers

Most lenders don’t provide Ft Myers car loan rates based on FICO score. Instead, they advertise the best rate available. In fact, your rate of interest varies widely based on your credit, not to mention other variables. The rates shown below are only for informational purposes. They are not advertisements, and your actual rate could deviate vastly from what’s seen below.

FICO Rating New Car Pre-owned 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 Auto Loans in Ft Myers

It’s true that the interest rates for a pre-owned car are higher than those for a new one. Intelligent consumers, however, usually purchase pre-owned cars. The figures speak on their own.

Years Old Price Rate Months Payment Interest Total
New $31,750 6.00% 60 $613.82 $5,079 $36,829
1 Year $25,400 7.50% 60 $508.96 $5,138 $30,538
2 Years $21,590 7.50% 60 $432.62 $4,367 $25,957
3 Years $18,352 7.50% 60 $367.73 $3,712 $22,064

For many of us, a used car is the way to go. Most loan companies will help you finance a second hand vehicle that’s up to eight years old, and some have a mileage cap of 100K miles.

Poor Credit Auto Loans in Ft Myers

Bad credit has become a big stumbling block for the consumers of Ft Myers and the state as a whole. If you have a FICO score of 700 or above, obtaining an auto loan should be a snap, but approval and interest rate both become issues if you’ve got poor credit. Fortunately, the internet makes it a lot less complicated for the subprime consumer.


For consumers who have recent bankruptcies or foreclosures, a buy here pay here dealership might be the only real option. No credit checks come at a price: exorbitant rates, lots of terms and conditions, and a limited selection of vehicles.

You should stay away from these dealers when you can, and secure an auto loan via the web. The interest rates are typically more affordable, the terms improved, and you have the opportunity to repair your credit along the way.

Best of all, you can submit your application online.

Limiting Your Interest Rates

Aside from choosing a less expensive vehicle, the easiest way to reduce your monthly installment is by boosting your credit. First, it’s smart to search your credit report for any discrepancies. Lots of people don’t realize that, once per year, you can check your credit report free of charge via You can address any discrepancies yourself, or hire a company to assist you. If you haven’t got a good credit rating, having someone with a good credit rating cosign your loan could lead to a less expensive interest rate.

Can a Car Loan Improve Your Credit?

As time passes, the payments made on an auto loan can boost your FICO . It is important to bear in mind that this is a step by step process. Though the actual rise in your credit score is difficult to determine, the improvement is sizeable.

Ft Myers Resources

Credit Unions


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