To find a car loan in Florida, it is best to have a credit score that is over 660. You’ll want to look out for a loan with a low interest rate and a short loan term, preferably 60 months or less.

Finding a car loan isn’t always easy, but if you understand all the important terms and steps it shouldn’t be too stressful. This guide compiled by the car insurance and loan experts at Jerry can help you get started.

Read on below to learn the ins and outs of standard car loans and some of the tips you’ll need to keep in mind as you look to secure one in the state of Florida.

How to get a car loan in Florida

If you’re like most of the country, you probably can’t afford to buy a new car out of pocket. That’s okay! Getting a car loan is by far the most common way for people to purchase a vehicle in the U.S. Taking out a loan allows you to pay off your car in monthly payments, rather than all at once.

When you get a car loan in Florida, here is what you can expect the process to look like:

You will make a down payment on the car. The down payment is generally around 10–20% of the car’s total value.
You’ll decide how many months you want to spread out the payments for your loan. This is known as the loan term.
You’ll negotiate an interest rate with your lender. This is how much you’ll have to pay monthly in addition to the price of the car.

Once everything is settled, you can begin making payments toward your loan. You’ll pay monthly interest according to your annual percentage rate (APR).

Many of the details of your loan are going to depend on your credit score, the make of the car you want to buy, and the loan term you choose. The table below can give you an idea of how much you’ll have to pay every month based on your APR.

Credit Rating

Car Make	Average Annual Interest Rate	Average Monthly Payment
ACURA	7.94	$360
ALFA ROMEO	8	$360
ASTON MARTIN	8	$360
AUDI	8.1	$361
BENTLEY	8	$360
BMW	8.45	$364
BUICK	8.02	$360
CADILLAC	8.24	$362
CHEVROLET	8.02	$360
CHRYSLER	8.26	$362
DODGE	8.12	$361
FERRARI	8	$360
FIAT	8.04	$360
FORD	8.02	$360
GENESIS	8	$360
GMC	7.97	$360
HONDA	7.84	$359
HYUNDAI	8.02	$360
INFINITI	8.12	$361
JEEP	7.84	$359
Jaguar	8	$360
KIA	8.19	$362
LAMBORGHINI	8	$360
LEXUS	7.97	$360
LINCOLN	8.1	$361
LOTUS	8	$360
Land Rover	8	$360
MERCEDES-BENZ	8	$360
MINI	8	$360
MITSUBISHI	8.11	$361
Maserati	8	$360
Mazda	8	$360
NISSAN	8.07	$361
POLESTAR	8	$360
PORSCHE	8.11	$361
RAM	8.02	$360
ROLLS-ROYCE	8	$360
Subaru	8	$360
TESLA	8.35	$363
TOYOTA	7.84	$359
VOLKSWAGEN	8.02	$360
VOLVO	7.87	$359

If you’re ready to start looking for a car loan in Florida, here is what you need to do next.

MORE: How to trade in a car with a loan

Check your credit

The first thing you should do when you look to secure a car loan is to check your credit score. If you have a credit rating of over 660, you should qualify for a loan with a decent interest rate.

If you have a credit rating of 700 or higher, you may be able to find a car loan with an interest rate around 3%. That’s a lot of savings considering the national average is more like 5%.

The table below will help you estimate the potential interest rate of your car loan based on your credit.

Credit Rating

Loan Terms	Average Annual Interest Rate	Average Monthly Payment
24	10.16	$691
36	8.25	$469
48	7.77	$362
60	7.74	$300
72	7.99	$261

Compare lenders

Just like buying a car, your best bet when securing a car loan is to shop around. Even though it may be easy to accept the first loan offered to you, you can probably find a more favorable loan with a lower interest rate if you compare a few different options.

A good rule of thumb to follow when looking for a car loan is that you should compare quotes from at least three lenders before making any final decisions. While a car loan’s interest rate should be your main concern, you can also be on the lookout for a lender with good customer service.

Choose your loan term

One important facet of a car loan is the loan term, or the number of months that you will make payments on your loan. This is something that you can negotiate with your lender. The average loan period is 60 months to 72 months.

It might seem like a longer loan term is ideal, since you’ll be able to spread out your payments more, but that’s not the case. Since you’re charged interest every month, a longer loan term will mean spending more in interest when it’s all said and done.

Instead, you’ll want to take out a car loan with the shortest possible loan term you can afford. A loan term of 60 months or less is ideal so that you can avoid paying too much in interest.

This is how your APR and payments could vary based on your loan term in Florida:

Credit Rating	Average Annual Interest Rate	Average Monthly Payment
Fair	14.73	$407
Good	8.42	$361
Very Good	5.11	$341
Excellent	3.89	$333

MORE: Should you get a 72-month car loan?

Get preapproved

Before you head to the dealership to buy your new car, you should get preapproved for a loan. Being preapproved means that you’ll have an estimate of the loan amount for which you qualify, as well as an estimate of your interest rate.

Since getting preapproved will make your financial situation much more clear, it’ll be a lot easier to shop for the right ride.

Can you get a car loan in Florida for a used car?

Yes, some banks will be willing to provide a car loan for a used car. There are some key things you’ll want to keep in mind when you’re buying a used car:

Interest rates on car loans for people buying a used car are generally much higher, usually around 8%.
Many banks have a minimum value for loans they give out. If you’re buying a cheap used car, you might be better off going to a credit union.
Some lenders may have a limit on the age of cars they are willing to finance.

If you are wondering how buying an old car could affect your car loan in Florida, check out the numbers below:

Car Make

Car Year	Average Annual Interest Rate	Average Monthly Payment
2021	7.37	$304
2020	7.63	$307
2019	7.86	$308
2018	7.72	$306
2017	7.86	$307
2016	7.97	$308
2015	8.12	$310
2014	8.1	$378
2013	8.16	$379
2012	8.84	$508
2011	8.84	$508
2010	8.84	$508

Florida car loan calculator

There are a lot of moving parts when it comes to taking out a car loan, so sometimes finding an estimate isn’t easy. Luckily, the Jerry car loan calculator can help. The calculator takes your credit score, desired loan term, and the car you want to buy into account and provides you with an estimated payment amount and interest rate.

Keep in mind that the numbers lenders offer you will vary slightly, as the calculator is simply reflecting averages in the state of Florida.

Car Make

Credit Rating

Loan Terms

Loan Amount

Average Annual Interest Rate	Average Monthly Payment
8.04	$360

MORE: How to calculate total interest paid on a car loan

How to find affordable car insurance in Florida

As if finding the right car and securing a favorable loan isn’t hard enough, you’ll also need to find car insurance for your new ride. Florida law dictates minimum requirements for insurance coverage limits, and your lender will have stipulations of their own.

If you don’t feel like spending hours looking through car insurance quotes, Jerry has got you covered. Jerry is an insurance comparison app that shops for low prices with over 50 insurance companies for free. You will get quotes in seconds, and if you ever have any questions, agents are just a text away.

You won’t have to worry about paperwork or phone calls—Jerry takes care of it all—and the average user saves $887 a year on car insurance.

“I had limited time to find a new insurance plan in Florida, so I tried Jerry. My experience was personalized and professional, and they found me a plan that fits my portfolio. You should give them a try.” —Valencia T.

FAQs

What credit score is needed to buy a car in Florida?

Usually, you’ll want to have a credit score of 660 or higher to qualify for a car loan in Florida. Some lenders may be willing to give you a loan with a lower credit score, but you can expect higher interest rates if they do.

Will a bank give me a loan for a used car?

Sometimes. It depends on how old the car is and if the value of the car is higher than the bank’s minimum loan amount. You may have better luck taking out a car loan with a credit union if the car you plan on buying is very cheap.