How Are Chicago Heights, IL Car 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 high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Chicago Heights could 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 the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Chicago Heights Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before having to apply for a car loan in Chicago Heights, IL. If you've plugged in your information and aren't liking the percentage you see, what can you do to lower it?
The loan term is one factor you can change on your own. Most Chicago Heights auto loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you see what you can afford.
If your credit is far from great, improving your score could bring your interest rate down. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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.
Putting effort into finding the right lender can also help you snag 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 Chicago Heights, IL — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Chicago Heights, IL
myAutoloan is committed to helping you find the lowest auto loan rates in Chicago Heights, IL no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, pick the loan that works best for you, and head down to a dealer in Chicago Heights to purchase a new ride. Don't wait to apply and check today's lowest interest rates!