What Determines Your Auto Loan Rate in Kankakee, IL?
A handful of factors affect your Illinois car loan rate, including your income, your credits core, the loan amount, the down payment, the age of the car, and your loan's term (the length of the loan). A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Kankakee could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate gets, the higher your monthly payment is and the more you spend over your loan’s term. Even a rate one or two percent higher could mean spending hundreds more overall.
How Can I Get a Lower Car Loan Rate in Kankakee, IL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you complete an application for a car loan in Kankakee, IL. If you've filled out your information and are unhappy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most auto loans in Kankakee have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they usually have a lower monthly payment. However, longer terms also tend 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 with different terms and interest rates to help you see what might work for your budget.
If you have less than ideal credit, increasing 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 today to bring it up quickly. It may take some time and work to better your credit score, but it's all worth it for getting those lower auto loan rates in Illinois.
Taking some time to find the right lender can also help you secure a lower rate. While lenders will look at the same information, each one might give you a different interest rate. You need to shop around and compare offers to find the best auto loan rate in Kankakee, IL — even if you don't have the best credit or income. You shouldn't automatically choose the first offer you get because a better one might be waiting just around the corner. Keep in mind some lenders allow 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.
Use myAutoloan to Check the Best Auto Loan Rates in Kankakee, IL
myAutoloan wants to help you find the lowest auto loan rates in Kankakee, IL regardless of what type of vehicle you're buying or your credit score. We'll present you with up to four loans at once so you can find the right deal. Simply complete our secure online application, pick the loan that works best for you, and head to your Kankakee dealer to purchase a new ride. Apply now to see today's lowest interest rates!