How Are Alsip, IL Car Loan Rates Determined?
A handful of factors impact your Illinois car loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Alsip dealer might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the term of your loan. Just one or two percent more could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Alsip, IL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you begin applying for auto loans in Alsip, IL. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one factor you can control. Most Alsip car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms attract many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you see what you might be able to afford.
If you have less than stellar credit, raising your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and how you can quickly bring it up. Your credit score may take some more time and work, but it's worth it to get those lower Illinois car loan rates.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Alsip, IL — even without a high income or credit score. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Use myAutoloan to Check the Best Auto Loan Rates in Alsip, IL
myAutoloan wants to help you find the lowest auto loan rates in Alsip, IL no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the right deal. Fill out our simple and secure online application, select the best loan for you, and head down to a dealer in Alsip to purchase a new ride. Apply today to see the current lowest interest rates!