How Are Aurora, IL Car Loan Rates Determined?
Various factors influence your Illinois car loan interest rate, including your credit score, the amount of the loan, your income, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Aurora could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.
Can I Lower My Car Loan Rate in Aurora, IL?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you start applying for auto loans in Aurora, IL. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you can control. Most car loans in Aurora have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers take longer terms because they usually have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is less than stellar, increasing your score could decrease 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 will take some effort and time to build, but it's worth it for those lower Illinois auto loan rates.
Taking some time to find the right lender can also help you achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to compare offers and shop around for the best auto loan rate in Aurora, IL — even without the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders are open to negotiation, 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 Aurora, IL
myAutoloan is committed to helping you find the lowest auto loan rates in Aurora, IL regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Fill out our secure online application, pick the loan that works best for you, and head to your Aurora dealer to purchase a new ride. Apply today to see the current lowest interest rates!