New and Used Car Loan Rates in Florida

The car market in Florida takes second place among all the car markets in the country, and now it is the most developing and progressing market in the US which in most cases has a great impact on the economy of the state. One of the reasons is that the living standards in Florida are relatively lower than in other richer states such as New York and California. As a result the prices for new or used cars in Florida are considerably lower than in other states while the variety and the choice are much wider. That is the reason why many Americans from other states prefer buying cars from Florida.

There is no difference between the loan rates for new cars and the loan rates for used ones in Florida. Most of the banks offer the same percentage rates for both of them. The only difference is in the period of time for which the loan is given. Thus, loans for new cars are usually given for the period of time from 12 to 72 months, while loans for used cars are given for 12 to 60 months. It is most likely due to the fact that used cars are usually much cheaper than new ones and require less time to be paid for.

The recent rates for new and used car loans for 48-month period in Florida vary from 4.5% to 10.5%. They might be different depending on the bank you choose, the loan amount you take, and the rates might change in some period of time.

On the whole car loan rates are rather tempting for the customers in Florida, thus you should keep in mind that it might be cheaper to transport a car from Florida to your state than to buy one where you live.