How Are Car Loan Rates in Highland Park, IL Calculated?
Various factors influence your Illinois car loan interest rate, including the loan amount, your credit score, your income, 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 Highland Park dealer could lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate, the higher your monthly payment is and the more you spend over the life of your loan. A difference of just one or two percent could mean you spend hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Highland Park, IL?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before having to apply for a car loan in Highland Park, IL. If you've plugged in your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most Highland Park car loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms attract many borrowers because the monthly payment is usually lower. But longer terms are also likely to come with higher interest rates. If your budget allows for 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 figure out 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 will help you understand what goes into a 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 worth it for those lower Illinois auto loan rates.
Taking some time to find the right lender can also help you get a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. Shopping around and comparing offers will help you find the best auto loan rate in Highland Park, IL — even if you don't have the highest income or best credit. You shouldn't go with the first offer you receive because there could be a better one right around the corner. And, some lenders are open to negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Find the Best Auto Loan Rates in Highland Park, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Highland Park, IL no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can find the best deal. Simply complete our secure online application, pick the loan that works best for you, and visit your Highland Park dealer to purchase a new car. Apply today to see the current lowest interest rates!