How Are Crystal Lake, IL Car Loan Rates Determined?
Several factors impact your Illinois auto loan rate, including your credit score, the amount of the loan, 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, poor credit score, or choosing an older vehicle at your Crystal Lake dealership could result in a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the term of your loan. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Crystal Lake, IL?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you complete an application for a car loan in Crystal Lake, IL. If you've plugged in your information and aren't liking the percentage you see, how can you lower?
The loan term is one thing you can change on your own. Most Crystal Lake car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they usually have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's smart 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 might be affordable.
If you have less than ideal credit, boosting your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. Your credit score may take some more time and work, but it's worth it to get those lower Illinois car loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will consider the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Crystal Lake, IL — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one could be right around the corner. Plus, some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Find the Best Auto Loan Rates in Crystal Lake, IL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Crystal Lake, 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. Complete our secure online application, pick the loan that works best for you, and head to your Crystal Lake dealer to purchase a new ride. Apply now to see today's lowest interest rates!