Compare Current Auto Loan Rates in Freeport, 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 Freeport 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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What Determines Your Auto Loan Rate in Freeport, IL?

Several factors influence your Illinois auto 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Freeport dealer might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more overall.

How Can I Get a Lower Car Loan Rate in Freeport, IL?

Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Freeport, 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 have total control over. Most auto loans in Freeport have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they typically 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 smart 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 might be affordable.

If you have less than ideal credit, increasing your score could help lower 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 will take some effort and time to build, but it's worth it to get those lower Illinois car loan rates.

Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will use the same information, you'll likely receive a different interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Freeport, IL — even without a high income or credit score. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Plus, some lenders leave room for negotiation, so you can take an offer from one lender to the next to see if they'll beat the interest rate.

Use myAutoloan to Check the Best Auto Loan Rates in Freeport, IL

myAutoloan is dedicated to helping you find the lowest car loan rates in Freeport, 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 right deal. Complete our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!

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