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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

Credit UnionLocationZip CodePhone
American AirlinesMiami International Airport33166(305) 526-7767
American Airlines4450 NW 22nd St33122(305) 526-7929
American Airlines6205 Blue Lagoon Dr33126(305) 526-7726
American Airlines6150 NW 17th St #20633126(305) 871-5864
Baptist Health South Florida7315 SW 87th Ave #30033173(305) 412-9920
Baptist Health South Florida8900 N Kendall Dr33176(786) 596-5918
Baptist Health South Florida6200 SW 73rd St33143(305) 662-8138
Baxter11800 SW 147th Ave33196(877) 443-1222
Dade County10900 N Kendall Dr33176(305) 471-5080
Dade County172 W Flagler St33130(305) 471-5080
Dade County11245 SW 211th St33189(305) 471-5080
Dade County1801 NW 9th Ave33136(305) 471-5080
Eastern Financial13793 South Dixie High33125(305) 882-5000
Electricians' Local 3491657 NW 17th Ave33125(305) 325-0511
Faa Credit Union11222 Quail Roost Dr33157(786) 573-5454
Financial22 E Flagler St33131(305) 577-1328
Financial1 Herald Plaza33132(305) 577-1328
Financial7303 N Kendall Dr33156(305) 577-1328
Florida Customs5600 NW 36th Ave #31933142(786) 265-0604
Florida Health System Credit Union8500 SW 117th Rd33183(305) 279-0633
Florida Health Systems FCU7315 SW 87th Ave33173(305) 412-9920
Florida Transportation1000 NW 111th Ave33172(954) 730-2047
Jetstream7975 NW 12th St33126(305) 821-7060
Mercy3663 S Miami Ave33133(305) 285-2736
Miami51 SW 1st Ave #60433130(305) 377-1017
Miami51 SW 1st Ave33130(305) 377-1017
Miami400 N Miami Ave33132(305) 374-7285
Miami99 NE 4th St33132(305) 371-4476
Miami Firefighters1111 NW 7th St33136(305) 324-4004
Miami Firefighters6655 S Dixie Hwy33143(305) 324-4004
Miami Postal Service2190 NW 72nd Ave33122(305) 592-7733
Navy Federal Credit UnionFederal Hwy33129(888) 842-6328
People'S Alliance5757 Blue Lagoon Dr33126(305) 261-1255
Peoples6301 Biscayne Blvd33138(305) 893-4880
Peoples11645 Biscayne Blvd33181(305) 895-3708
Power Financial1100 NW 95th St33150(305) 258-1000
Power Financial5820 Blue Lagoon Dr33126(305) 258-1000
Ryder SystemPO BOX 02081633102(305) 500-4000
Ryder System11690 NW 105th St33178(305) 500-4000
Shaw-Ross Employees1605 NW 159th St33169(305) 625-4171
South Florida1902 NW 14th Ave33125(305) 545-0744
South Florida Educational7800 SW 117th Ave33183(305) 270-5200
South Florida Educational1798 NE 2nd Ave33132(305) 379-0621
South Florida Educational18975 NW 2nd Ave33169(305) 914-3939
South Florida Educational17500 S Dixie Hwy33157(305) 964-4000
Space Coast13793 S Dixie Hwy33176(305) 882-5000
Space Coast1672 Miami Gardens Dr33179(305) 882-5000
Space Coast7171 SW 117th Ave33183(305) 882-5000
Space Coast12200 SW 127th Ave33186(305) 882-5000
Space Coast9660 SW 160th St33157(305) 882-5000
Space Coast11402 NW 41st St33178(305) 882-5000
St. James A M E Church1845 NW 65th St33147(305) 693-3270
Tropical Financial20395 NW 2nd Ave33169(888) 261-8328
Tropical Financial8000 NW 7th St33126(888) 261-8328
United Police400 NW 2nd Ave #30933101(305) 329-1400
United Police400 NW 2nd Ave33101(305) 329-1400
University13241 SW 136th St33186(786) 425-5000
University6250 S Red Rd33146(786) 425-5012
University19 W Flagler St #61033130(786) 425-5041
University1611 NW 12th Ave33136(786) 425-5006
University11200 SW 8th St33174(786) 425-5039
University17770 S Dixie Hwy33157(786) 425-5120