How Are Matteson, IL Car Loan Rates Determined?
Several factors affect 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Matteson dealership could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the term of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Matteson Car Loan Rate?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you start applying for auto loans in Matteson, IL. If you've supplied your information and are unhappy with the percentage you see, what can be done to lower it?
The loan term is one aspect you have a lot of control over. Most car loans in Matteson have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be depending on different interest rates and terms to help you decide what might work for your budget.
If your credit is far from great, 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 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 worth it to get those lower Illinois car loan rates.
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. It's important to shop around and compare offers to find the best car loan rate in Matteson, 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. Don't forget some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Find the Best Auto Loan Rates in Matteson, IL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Matteson, 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, select the best loan for you, and head to your Matteson dealer to purchase a new ride. Apply today to see the current lowest interest rates!