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If you’re considering a car, used or new, chances are you’ll require a loan. Whether you’re approved for a loan, and what rate of interest you’ll wind up paying, depends principally on your credit history. Other variables:

  • Where you live
  • Debt-to-income ratio
  • Money down
  • Employment record

A lot of finance specialists encourage obtaining your financing ahead of time.

You could be working out the finer points of your auto loan in a matter of minutes.

Auto Finance Rates in Miami

These interest rates are only for informational purposes. They aren’t advertisements. The rate you’re provided may deviate drastically from the rates displayed here.

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 Miami

The rates of interest are much higher on pre-owned cars, since they present a slightly greater risk of maintenance trouble. That said, new vehicles depreciate so quickly, second hand cars are typically a better investment. Take a look at the chart below.

Age Price APR Months Payment Interest Total
New $24,600 6.00% 60 $475.59 $3,935 $28,535
1 Year $19,680 7.50% 60 $394.35 $3,981 $23,661
2 Years $16,728 7.50% 60 $335.19 $3,384 $20,112
3 Years $14,219 7.50% 60 $284.92 $2,876 $17,095

Are you interested in pre-owned car or truck? Finance companies charge higher rates of interest for pre-owned vehicles, but in most situations, you only need 10% down, and the insurance costs are less expensive.

Bad Credit Auto Loans in Miami

Less-than-perfect credit can make it tough to finance a car, but it isn’t inconceivable. There is nothing more embarrassing than being turned away from the dealership. Before the web, you might be rejected at various lenders or dealerships before you secured financing.

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For those with recent bankruptcy or foreclosures, a buy here pay here dealership may be the only solution. While you won’t have any trouble with respect to approval, it’ll cost you a king’s ransom for the privilege.

It is best to keep away from these car lots when possible, obtaining a car loan on the web. The interest rates will be cheaper, the terms considerably better, and you have the chance to bring up your credit score in the process.

Contact an auto finance professional in your area today.

Limiting Your Interest

Interest can take up a major part of your payment each month, particularly when your credit score isn’t so good. For starters, make sure you fix any mistakes on your credit report. Fortunately, it’s free to check your credit report once a year at AnnualCreditReport.com. Reporting errors is pretty simple. You can do it on your own, or enlist one of the credit improvement firms that serves Miami. Other things that might improve your APR:

  • Including a cosigner.
  • Providing a larger down payment.
  • Saying yes to shorter loan repayment terms.

No Money Down Cars in Miami

Are you planning to buy a car in Miami with zero down payment? Typically, there are a couple of prerequisites for a zero down auto loan:

  • The vehicle is new.
  • The individual has a fantastic credit score.

If you haven’t got great credit, it is best to save for a down payment, or you could find yourself paying an exorbitant rate of interest. That said, when you apply online, there are many loan providers and car dealers that offer no down payment car deals for individuals who don’t have optimal credit.

Miami Resources

Credit Unions

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[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Location,Zip Code,Phone” data=”American Airlines,Miami International Airport,33166,(305) 526-7767,American Airlines,4450 NW 22nd St,33122,(305) 526-7929,American Airlines,6205 Blue Lagoon Dr,33126,(305) 526-7726,American Airlines,6150 NW 17th St #206,33126,(305) 871-5864,Baptist Health South Florida,7315 SW 87th Ave #300,33173,(305) 412-9920,Baptist Health South Florida,8900 N Kendall Dr,33176,(786) 596-5918,Baptist Health South Florida,6200 SW 73rd St,33143,(305) 662-8138,Baxter,11800 SW 147th Ave,33196,(877) 443-1222,Dade County,10900 N Kendall Dr,33176,(305) 471-5080,Dade County,172 W Flagler St,33130,(305) 471-5080,Dade County,11245 SW 211th St,33189,(305) 471-5080,Dade County,1801 NW 9th Ave,33136,(305) 471-5080,Eastern Financial,13793 South Dixie High,33125,(305) 882-5000,Electricians’ Local 349,1657 NW 17th Ave,33125,(305) 325-0511,Faa Credit Union,11222 Quail Roost Dr,33157,(786) 573-5454,Financial,22 E Flagler St,33131,(305) 577-1328,Financial,1 Herald Plaza,33132,(305) 577-1328,Financial,7303 N Kendall Dr,33156,(305) 577-1328,Florida Customs,5600 NW 36th Ave #319,33142,(786) 265-0604,Florida Health System Credit Union,8500 SW 117th Rd,33183,(305) 279-0633,Florida Health Systems FCU,7315 SW 87th Ave,33173,(305) 412-9920,Florida Transportation,1000 NW 111th Ave,33172,(954) 730-2047,Jetstream,7975 NW 12th St,33126,(305) 821-7060,Mercy,3663 S Miami Ave,33133,(305) 285-2736,Miami,51 SW 1st Ave #604,33130,(305) 377-1017,Miami,51 SW 1st Ave,33130,(305) 377-1017,Miami,400 N Miami Ave,33132,(305) 374-7285,Miami,99 NE 4th St,33132,(305) 371-4476,Miami Firefighters,1111 NW 7th St,33136,(305) 324-4004,Miami Firefighters,6655 S Dixie Hwy,33143,(305) 324-4004,Miami Postal Service,2190 NW 72nd Ave,33122,(305) 592-7733,Navy Federal Credit Union,Federal Hwy,33129,(888) 842-6328,People’S Alliance,5757 Blue Lagoon Dr,33126,(305) 261-1255,Peoples,6301 Biscayne Blvd,33138,(305) 893-4880,Peoples,11645 Biscayne Blvd,33181,(305) 895-3708,Power Financial,1100 NW 95th St,33150,(305) 258-1000,Power Financial,5820 Blue Lagoon Dr,33126,(305) 258-1000,Ryder System,PO BOX 020816,33102,(305) 500-4000,Ryder System,11690 NW 105th St,33178,(305) 500-4000,Shaw-Ross Employees,1605 NW 159th St,33169,(305) 625-4171,South Florida,1902 NW 14th Ave,33125,(305) 545-0744,South Florida Educational,7800 SW 117th Ave,33183,(305) 270-5200,South Florida Educational,1798 NE 2nd Ave,33132,(305) 379-0621,South Florida Educational,18975 NW 2nd Ave,33169,(305) 914-3939,South Florida Educational,17500 S Dixie Hwy,33157,(305) 964-4000,Space Coast,13793 S Dixie Hwy,33176,(305) 882-5000,Space Coast,1672 Miami Gardens Dr,33179,(305) 882-5000,Space Coast,7171 SW 117th Ave,33183,(305) 882-5000,Space Coast,12200 SW 127th Ave,33186,(305) 882-5000,Space Coast,9660 SW 160th St,33157,(305) 882-5000,Space Coast,11402 NW 41st St,33178,(305) 882-5000,St. James A M E Church,1845 NW 65th St,33147,(305) 693-3270,Tropical Financial,20395 NW 2nd Ave,33169,(888) 261-8328,Tropical Financial,8000 NW 7th St,33126,(888) 261-8328,United Police,400 NW 2nd Ave #309,33101,(305) 329-1400,United Police,400 NW 2nd Ave,33101,(305) 329-1400,University,13241 SW 136th St,33186,(786) 425-5000,University,6250 S Red Rd,33146,(786) 425-5012,University,19 W Flagler St #610,33130,(786) 425-5041,University,1611 NW 12th Ave,33136,(786) 425-5006,University,11200 SW 8th St,33174,(786) 425-5039,University,17770 S Dixie Hwy,33157,(786) 425-5120″][/tboot_table]

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