Auto Loan
Best Auto Loan Rates in Florida
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The auto loan rates in Florida will be lower when your credit scores are high. The Sunshine State has the best auto loan rates for those who maintain a good credit score. In other words, the better your credit score, the lower your interest rate (APR) will be.
However, the APRs in Florida range from a low of 3.56 % to 6.45% when it comes to new cars. Here, we will explore some of the best rates offered by banks, credit unions, and national lenders in Florida and the current auto loan rates in Florida.
Your credit score, the length of the loan term, and the type of vehicle you are financing are the main factors influencing the auto loan rates in Florida. However, there are options for banks, credit unions, or national lenders from which you can purchase your loan. Here, we look at some of the best auto loan rates available in Florida that offer competitive rates that suit your budget.
In Florida, the average APR rates range from 3.56 % to 6.45%. While Synovus Bank has the lowest APR of 3.56 % for 36 months, Bank of Belle Glade offers around 4.81% for 36 and 5.56% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of America | 6.42% | 6.44% | 6.45% | NA |
| Bank of Belle Glade | 4.81% | 4.81% | 5.06% | 5.56% |
| Citizens Bank of Florida | 5.46% | 6.26% | NA | NA |
| City National Bank of Florida | 4.94% | 5.06% | NA | 5.30% |
| Executive National Bank | 4.94% | NA | NA | NA |
| Flagship Bank | 4.81% | 5.06% | 5.06% | NA |
| Synovus Bank | 3.56% | 3.56% | 3.56% | 3.56% |
| Total Bank | 4.94% | NA | NA | NA |
| Truist Bank | 6.43% | 6.43% | 6.43% | 6.43% |
| United Bank | 3.95% | 4.00% | 4.00% | 6.50% |
If you are a member of a credit union, then you will be eligible for lower APR rates. Some of the best credit unions in Florida that give the best interest rates include Gold Coast Credit Union and Navy Federal Credit Union. So, with a good credit score, you can get the best auto loan rates through credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | NA | NA | NA |
| PenFed Credit Union | 5.60% | 5.65% | 5.65% | 5.95% |
| BrightStar Credit Union | 5.56% | NA | 6.05% | 5.81% |
| ECU Credit Union | 4.81% | 5.31% | 6.55% | 6.60% |
| EdFed Credit Union | 5.37% | 5.37% | NA | 5.37% |
| Gold Coast Credit Union | 4.80% | 4.80% | NA | 4.80% |
| Gulf Winds Federal Credit Union | 5.05% | NA | 4.55% | NA |
| Navy Federal Credit Union | 4.60% | 5.05% | NA | 5.35% |
| Tropical Financial Credit Union | 5.30% | NA | 5.81% | NA |
National institutions may offer lower rates but often have stricter credit score requirements. This can make them a good option for borrowers with excellent credit. Navy Federal Credit provides good rates in the states. While comparing the offers from different lenders, you can also see that Wells Fargo Bank offers APR as low as 3.63% for 36 months. So, you must choose the one that best fits your financial and credit situation.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Motorola Employees Credit Union | NA | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.60% | 5.05% | 5.05% | 5.35% |
| USAA Federal Savings Bank | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA | NA |
For used cars, the lowest APR rates are found with Synovus Bank, with an APR as low as 3.75% for 48 months. Similarly, Flagship Bank, Total Bank, and Truist Bank also provide similar APRs below 7%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of America | 6.75% | 6.75% | 6.75% | 6.85% |
| Capital City Bank | NA | NA | 5.31% | 5.56% |
| Citizens Bank of Florida | 5.86% | 6.36% | NA | NA |
| City National Bank of Florida | 5.26% | 5.66% | NA | NA |
| Flagship Bank | 4.81% | 5.06% | 5.06% | NA |
| Synovus Bank | 3.75% | 3.75% | NA | NA |
| Total Bank | 5.26% | NA | 6.16% | NA |
| Truist Bank | 6.43% | 6.43% | 6.43% | 6.43% |
| United Bank | 6.50% | 6.50% | NA | NA |
| SunTrust Bank | 6.57% | 6.57% | 6.57% | 6.83% |
Credit unions that offer the best rates in Florida for used cars include Gold Coast Federal Credit Union and Gulf Winds Federal Credit Union. The APR rate ranges between 5.05% and 6.75% for most credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | NA | NA |
| PenFed Credit Union | 5.61% | NA | NA | NA |
| BrightStar Credit Union | 5.81% | 5.81% | 5.81% | 5.81% |
| ECU Credit Union | NA | 5.31% | NA | NA |
| EdFed Credit Union | 5.72% | 5.72% | 5.72 | 5.72% |
| Gold Coast Federal Credit Union | 5.05% | NA | 5.05% | NA |
| Gulf Winds Federal Credit Union | 5.05% | NA | NA | NA |
| Navy Federal Credit Union | 5.60% | NA | NA | NA |
| Tropical Financial Credit Union | 5.30% | NA | NA | 5.95% |
Motorola Employees Credit Union and JP Morgan Chase Bank, National Association are good options for your used car loan if you are opting for a national institution. The lowest APR for 36 months is 3.60%, and the highest is 7.25% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.01% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.85% | 5.91% | 6.31% |
| Motorola Employees Credit Union | 3.60% | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.50% | 6.05% | 6.05% | 6.15% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
Improve Your Credit Score
Firstly, pay your bills on time and regularly monitor your credit report. Consequently, it will help build a solid payment history, thereby improving your credit score.
Loan Term and Down Payment
If your budget allows it, it is better to choose a shorter loan term to secure lower interest rates, even though this will result in higher monthly payments. Similarly, making a larger down payment reduces the amount you need to borrow, leading to lower monthly payments.
Shop Around
Compare quotes from banks, credit unions, and online lenders to find the best rates and terms. Getting pre-approved by multiple lenders helps you understand the rates you qualify for without impacting your credit score. This will also help you negotiate better.
There are several factors you need to consider while researching your car loan rates.
A good car loan interest rate varies based on your credit score and other factors. Typically, rates begin around 4.80% for new cars. However, some banks, like JP Morgan Chase Bank, offer APR rates as low as 3.60%. By checking the average interest rates for your specific credit score category, you will help you compare offers from lenders and determine if you're getting a good deal.
Maintaining credit scores is the best way to secure a good loan rate, may it be new or used cars. JP Morgan Chase Bank, Navy Federal Credit Union, and Gold Coast Federal Credit Union are some of the national institutions that offer the best auto loan rates in Florida.
JP Morgan Chase Bank, Navy Federal Credit Union, and Gold Coast Federal Credit Union are some of the banks and unions that offer the best car loan rates in Florida.
If you have an excellent credit score, then the best rates for auto loans now stand at 3.60% in Florida. Lenders like JP Morgan Chase Bank Motorola Employees Credit Union offer auto loan rates in the range of 3.60% for 36 months.
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and the lender and the criteria they weigh for providing loans.
JP Morgan Chase Bank, Motorola Employees Credit Union, and Gold Coast Federal Credit Union are the credit unions that provide the best auto loan rates in Florida.
The range of auto loan interest rates for used cars in Florida is between 3.75% and 6.85%.