Compare New and Used Car Loan Rates in Barrington, IL

Looking for the best auto loan rates in Barrington, IL? myAutoloan can help! Compare up to four lenders in minutes to find the right loan for you, whether you're purchasing a car or refinancing your existing car loan. Apply now and see today's lowest rates!

Three things to know…

Today's Interest Rates

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Your Estimated Rate

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Your Payment

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More Information

How Are Barrington, IL Car Loan Rates Determined?

Several factors influence your Illinois auto loan rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Barrington might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.

How Can I Get a Lower Car Loan Rate in Barrington, IL?

Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Barrington, IL. If you've plugged in your information and aren't liking the percentage you see, what steps can you take to lower it?

The loan term is one aspect you have total control over. Most Barrington car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you decide what you might be able to afford.

If you have less than ideal credit, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it'll be worth it once you see those lower Illinois auto loan rates.

Putting effort into finding 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. Shopping around and comparing offers will help you find the best auto loan rate in Barrington, 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. Don't forget some lenders will negotiate, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.

Use myAutoloan to Check the Best Auto Loan Rates in Barrington, IL

myAutoloan is dedicated to helping you find the lowest car loan rates in Barrington, IL regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Barrington to purchase a new ride. Apply now to see today's lowest interest rates!

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