Florida's Secret to Thriving with Subprime Auto Loans

Interest Rates and Costs

Interest rates on subprime auto loans are generally higher than those offered to prime borrowers. This is because lenders perceive a higher risk of default with subprime borrowers. In Florida, interest rates for subprime loans can range from 8% to 20% or more, depending on the lender and the borrower's credit profile¹. It's crucial for borrowers to shop around and compare rates from different lenders to ensure they get the best possible deal.