What Determines Your Auto Loan Rate in Glendale Heights, IL?
Many factors influence 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Glendale Heights dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Glendale Heights, 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 Glendale Heights, IL. If you've filled out 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 can control. Most Glendale Heights car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). 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 your budget allows for a higher monthly payment, it's better to choose a shorter term. The Auto Payment Calculator shows what your monthly payments might look like depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than stellar 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. 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 achieve a lower rate. While lenders will look at the same information, you'll likely receive a different interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Glendale Heights, IL — even if you don't have the best credit or income. You don't want to choose the first offer you get because a better one might be waiting just around the corner. Keep in mind 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.
See the Best Auto Loan Rates in Glendale Heights, IL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Glendale Heights, IL no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and head to your Glendale Heights dealer to purchase a new ride. Apply now to see today's lowest interest rates!