What Determines Your Auto Loan Rate in Joliet, IL?
Various factors influence your Illinois auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, and your loan's term (the length of the loan). A poor credit score, low income, or buying an older vehicle from a dealer in Joliet could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term 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 Can I Get a Lower Car Loan Rate in Joliet, IL?
Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you start applying for auto loans in Joliet, IL. If you've put in your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one thing you can control. Most Joliet auto loans are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by 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, 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 decide what you might be able to afford.
If your credit is less than stellar, raising 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 which steps you can take to bring it up fast. 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.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders take the same information into consideration, each one might give you a different interest rate. Shopping around and comparing offers will help you find the best auto loan rate in Joliet, IL — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. Don't forget some lenders leave room for negotiation, 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 Joliet, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Joliet, 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. Fill out our secure online application, pick the loan that works best for you, and head down to a dealer in Joliet to purchase a new ride. Apply now to check today's lowest interest rates!