How Are Lake Bluff, IL Car Loan Rates Determined?
Many factors influence your Illinois car 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 low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Lake Bluff dealer could mean a higher interest rate. But why worry about a high interest rate? The higher of an interest rate you have, 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 spending hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Lake Bluff, IL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might look like before having to apply for a car loan in Lake Bluff, 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 factor you can change on your own. Most Lake Bluff car loans have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms 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 better to choose a shorter term. The Auto Payment Calculator shows what your monthly payment might be depending on different interest rates and terms to help you determine what you can afford.
If your credit is far from great, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and which steps you can take to bring it up fast. Your credit score may take some more time and work, but it's worth it for those lower Illinois auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Lake Bluff, IL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive 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.
Find the Best Auto Loan Rates in Lake Bluff, IL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Lake Bluff, IL no matter your credit score or the type of car you're buying. We'll present you with up to four loans at once so you can get the right deal. Complete our secure online application, pick the loan that works best for you, and visit your Lake Bluff dealer to purchase a new car. Apply today to see the current lowest interest rates!