Find the Best Car Loans in Fort Myers, FL

How to get an auto loan in Fort Myers

You don’t need to go to a dealership to get a car loan in Fort Myers. Although dealerships do offer car financing options, you can turn to online lenders, banks and credit unions to be pre-approved for your auto loan.

If possible, seek pre-approval, which allows you to get approved for financing before you buy a vehicle. As a result, you can conclusively know your budget for a new car. You might even receive a lower interest rate and be able to afford more than you think. Finally, you can use it as a bargaining chip to negotiate a more affordable vehicle price.

Applying for an auto loan in Fort Myers

Wherever you choose to go for your auto loan, you need to qualify first. After you apply for financing, the lender will decide whether or not you are eligible. Your eligibility and financing options vary depending on your lender.

Typically, a lender will look at all of the following:

• Income
• Employment history
• Credit history
• Current debts
• Active bankruptcies

If you’re approved, your lender will set an APR for your auto loan based on the above factors. APR refers to the annual percentage rate and includes interest and other charges. Generally, the APR ranges from 3 percent to 10 percent.

You can also adjust your auto loan term. There are terms as short as 12 months and as lengthy as 84 months. Although repayment schedules differ, most opt for 36 - 60 monthly payments. Longer loan terms result in lower monthly payments, but a higher overall cost for the loan.

There are other expenses to consider outside of your auto loan, such as a down payment. Do your research before you commit to a loan.

Getting an auto loan with bad credit in Fort Myers

Many people have concerns about qualifying for a loan, especially those with bad credit. However, getting an auto loan in Fort Myers with bad credit is still possible.

Some lenders require higher credit scores to qualify, but others work with lower credit scores (under 650). However, borrowers with low credit scores tend to have higher APRs.

There are still ways to get reasonable rates on auto loans with bad credit:

• Shop around. It takes time to find the best deal, especially with bad credit.
• Consider waiting. You can improve your credit before financing. A higher credit score means better rates.
• Plan to refinance. You could receive your loan now and refinance when your credit improves.
• Consider making a more substantial down payment. This will both decrease the overall amount of your loan and potentially lower your APR.