Compare New and Used Car Loan Rates in Elmhurst, IL

Apply through myAutoloan and compare up to four Illinois lenders in minutes! We make it easy to find the best auto loan rate, whether you're purchasing from a nearby Elmhurst dealership or refinancing an existing loan. Apply now and see today's lowest rates!

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Today's Interest Rates

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Your Estimated Rate

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Your Payment

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How Are Car Loan Rates in Elmhurst, IL Calculated?

Several factors influence your Illinois car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Elmhurst dealer could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the more you pay each month and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.

How Do I Lower My Auto Loan Rate in Elmhurst, 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 Elmhurst, 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 aspect you can control. Most car loans in Elmhurst are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers 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, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you see what you might be able to afford.

If your credit is far from great, improving your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some time and work to better your credit score, but it'll be worth it once you see those lower Illinois auto loan rates.

Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, 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 Elmhurst, IL — even without a high income or credit score. You don't want to choose the first offer you get because there could be a better one right around the corner. And, some lenders allow 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 Elmhurst, IL with myAutoloan

myAutoloan is committed to helping you find the lowest auto loan rates in Elmhurst, IL no matter what type of car you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Fill out our secure online application, choose the best loan for you, and visit your Elmhurst dealer to purchase a new car. Apply now to see today's lowest interest rates!

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