What Determines Your Auto Loan Rate in Alton, IL?
Several factors affect your Illinois auto loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Alton could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the more you pay each month and the more you spend over the term of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
Is There a Way to Lower My Alton Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you complete an application for a car loan in Alton, IL. If you've filled out your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you have total control over. Most Alton car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because they typically have a lower monthly payment. But longer terms tend to also come with higher interest rates. If your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be with different interest rates and terms to help you see what you can afford.
If your credit is far from great, boosting your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's worth it for those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders take the same information into consideration, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Alton, IL — even without the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Alton, IL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Alton, IL no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Fill out our secure online application, select the best loan for you, and visit your Alton dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!