How Are Carbondale, IL Auto Loan Rates Determined?
A handful of factors impact your Illinois auto loan interest rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A poor credit score, low income, or buying an older vehicle from a dealer in Carbondale might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is and the more you spend in total. Even a rate one or two percent higher could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Carbondale, IL?
Online tools like our Interest Rate Estimator will give you a feel for what your rate might look like before you start applying for auto loans in Carbondale, IL. If you've put in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one element you can change on your own. Most Carbondale car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford a higher monthly payment, it's better 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 can afford.
If you have less than ideal credit, increasing your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Illinois.
Taking some time to find the right lender can also help you snag a lower rate. While lenders take the same information into consideration, you won't receive the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Carbondale, IL — even without the best credit or income. You don't want to go with the first offer you receive because there might be a better one just around the corner. Don't forget some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
See the Best Auto Loan Rates in Carbondale, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Carbondale, IL regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the right deal. Fill out our secure online application, choose the best loan for you, and visit your Carbondale dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!