How Are Car Loan Rates in Moline, IL Calculated?
A handful of factors influence your Illinois auto loan interest rate, including your income, your credits core, the loan amount, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Moline could lead to a higher interest rate. But is a high interest rate so bad? The higher your interest rate, the higher your monthly payment is and the more you spend over your loan’s term. A difference of one or two percent might not seem like much, but it could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Moline, IL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you start applying for auto loans in Moline, IL. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one element you have a lot of control over. Most Moline car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Many borrowers take longer terms because they typically have a lower monthly payment. However, a longer term also tends to come with a higher interest rate. 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 based on different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. Your credit score will take some effort and time to build, but it's all worth it for getting those lower auto loan rates in Illinois.
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. You need to shop around and compare offers to find the best auto loan rate in Moline, IL — even if you don't have the highest income or best credit. You don't want to 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.
Discover the Best Auto Loan Rates in Moline, IL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Moline, IL regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can get the right deal. Simply complete our secure online application, choose the best loan for you, and head down to a dealer in Moline to purchase a new ride. Apply today to see the current lowest interest rates!