How Are Blue Island, IL Auto Loan Rates Determined?
A handful of factors impact your Illinois car 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Blue Island dealer might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, 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 on interest.
How Can I Get a Lower Car Loan Rate in Blue Island, IL?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might look like before you begin applying for auto loans in Blue Island, IL. If you've plugged in your information and aren't happy with the percentage you see, what steps can you take to lower it?
The loan term is one element you have a lot of control over. Most auto loans in Blue Island have terms in 12-month intervals ranging from 24 months (2 years) to 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 bigger monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be based on different interest rates and terms to help you decide what you might be able to afford.
If you have less than stellar credit, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and how you can quickly bring it up. 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.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, you'll likely receive a different interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Blue Island, IL — even if you don't have the highest income or best credit. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. And, some lenders leave room for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
See the Best Auto Loan Rates in Blue Island, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Blue Island, 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 get the right deal. Simply complete our secure online application, select the best loan for you, and head down to a dealer in Blue Island to purchase a new ride. Apply now to check today's lowest interest rates!