When you are buying a car in Miami, think ahead the best credit score will get you the best interest rate on the car you want. Know your credit score and know the expected interest rates before hand. Look for a car within your budget in Miami so you can afford the payments.
It also pays to look around for car deals in Miami. Interest rates change every day. Different car loan lenders have different rates depending on their region. Use an online calculator to know the current annual percentage rates for a car in Miami.
Remember the whole picture, a low annual percentage rate isn’t the only number to weigh. Consider the trade in, the length of the car loan in Miami, and down payment. Figure out the interest you pay on the life of the loan.
Having financing for the car in Miami helps you get the best price on the car. Avoid car loans that are more than 72 months in Miami. Best thing to do is to aim for a short term car loan with an interest rate you can afford.
Auto lenders in Miami look at what your credit score is.
- Sub prime – 679 or below
- Average – 680 – 740
- Excellent – 740 – 850
Auto lenders also look at your income and your job history. The longer you have been at one job the better. You should have at least 2 years at you current job that will put you in the perfect position.
Your income to debt ratio is looked at too, how much of your income goes to your debt is factor in when auto lenders look.