Compare Current Auto Loan Rates in Downers Grove, IL

With myAutoloan, you can compare up to four lenders in minutes! It's easy to find and compare the best auto loan rates in Downers Grove, IL, whether you're buying a used or new vehicle or refinancing an existing loan. Apply now to 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 Downers Grove, IL Car Loan Rates Determined?

Various factors impact your Illinois car loan rate, Including your credit score, your income, the amount of the loan, the down payment, the age of the car, 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 Downers Grove dealership might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate is, the higher your monthly payment is and the more you spend in total. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.

Is There a Way to Lower My Downers Grove Car Loan Rate?

Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before you begin applying for auto loans in Downers Grove, IL. If you've supplied your information and aren't liking the percentage you see, what steps can you take to lower it?

The loan term is one element you have total control over. Most car loans in Downers Grove are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually mean 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 wise to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you determine what might work for your budget.

If you have less than ideal credit, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Illinois.

Waiting to find the right lender can also help you secure a lower rate. While lenders will consider the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Downers Grove, IL — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. And, 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.

Discover the Best Auto Loan Rates in Downers Grove, IL with myAutoloan

myAutoloan wants to help you find the lowest auto loan rates in Downers Grove, IL no matter what type of car you're buying or your credit score. You can see up to four loans at once so you can find the right deal. Fill out our simple and secure online application, choose the best loan for you, and head down to a dealer in Downers Grove to purchase a new ride. Don't wait to apply and check today's lowest interest rates!

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