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Auto Loans in Florida (FL)

Financing a car was simpler before the downturn, but approval standards have stiffened since then. It’s crucial that you find a bank or dealer that has experience with subprime auto loans. We’ve spent years building a vast network of Florida dealers and lenders that can put you behind the wheel of the car or truck you want at a rate that’s within your budget. An auto finance expert will allow you to:

  • Check rates.
  • Select a lending company.
  • Plan a time to select your vehicle.

Go ahead and apply online for your loan.

Florida Car Dealerships That Work with Bad Credit

Dealerships that assist consumers with credit problems are, in many cases, referred to as bad credit car dealers. Contrary to buy here pay here dealers, these larger dealerships offer:

  • More competitive interest rates.
  • Reasonable down payments.
  • Lower mileage vehicles.

You may not be able to finance the more expensive cars on the lot. With credit problems, the most you can borrow is 6 to 8 times the amount you make on a monthly basis. For residents of Florida earning $3,312 per month, this is $19,873 to $26,497. That being said, only 8% of your income ($265, in this example) should be allotted to your car payment, which could very well restrict the amount you can spend. Submit an application to see how much car you can afford.

Buying a Car in Florida with No Down Payment

Do you want to get approved for a new car, but you haven’t got a down payment? If you finance a used vehicle, lenders and dealers require a lesser down payment relative to the cost of your car or truck. Glance at the data we’ve included.

New Car Used Car 1 Used Car 2 Used Car 3
Price $33,122 $24,841 $19,873 $16,561
Age New 1 year old 2 years old 3 years old
Depreciation 0% 25% 40% 50%
Percentage Down 20% 10% 10% 10%
Money Down $6,624 $2,484 $1,987 $1,656

Although we might able to get you approved for a car loan with no down payment, we normally endorse down payments.

Your Job is Your Credit Car Lots in FL

Car dealers in Florida that advertise buy here pay here financing are distinct from traditional dealerships in a few key ways:

  • These dealerships offer car loans in-house.
  • They rarely perform credit checks.
  • They require weekly or biweekly payments, often in person.

A lot of people with very bad credit think that a buy here pay here car lot is the only real establishment that will be willing to finance them, even though the cost of your car or truck will be higher as a result of ridiculous interest rates. As if that weren’t enough, it’s unlikely that your FICO score will get better since these car lots have no relationship with Equifax, Experian, and Transunion.

Guidelines for Buying a Car in Florida

Your car payment, how much should you spend? Take 10% of your monthly income. This is the absolute maximum you should invest in this. Be careful, however, that you don’t get talked into a payment term of 6-7 years, which can result in more interest and negative equity. Rather, try to repay your loan as quickly as you can. This will result in a car or truck which costs approximately half of your annual income. For instance, if you make $39,746 per year, the average for residents of Florida, you would buy a car that costs $19,873. Keep in mind, this is the maximum you ought to spend. Many industry experts advise paying just 10-30% of your income for any car you buy.