Florida Reveals Secret Subprime Auto Loan Lenders Connection
Real-World Examples and Data
According to a report by Experian, the average interest rate for subprime auto loans in the U.S. was around 11.33% in 20231. In Florida, this rate can vary significantly based on the lender and the borrower's credit profile. Some lenders offer promotional rates or incentives for borrowers who meet specific criteria, such as making a large down payment or setting up automatic payments.
Additionally, data from the Federal Reserve Bank of New York highlights that the delinquency rate for subprime auto loans is higher than for prime loans, emphasizing the importance of understanding the terms and maintaining consistent payments2.