How Are Morton Grove, IL Car Loan Rates Determined?
Several factors contribute to your Illinois auto loan rate, Including your credit score, your income, the amount of the loan, the car's age, the down payment, and the length of the loan (your loan's term). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Morton Grove dealer could lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, 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 overall.
Is There a Way to Lower My Morton Grove Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Morton Grove, IL. If you've filled out your information and don't like the percentage you see, what can be done to lower it?
The loan term is one thing you have total control over. Most Morton Grove car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms will tempt many borrowers because they usually 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 better to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different terms and interest rates to help you figure out what you might be able to afford.
If you have less than stellar credit, boosting your score could bring your interest rate down. 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 time and work to better your credit score, but it'll be worth it once you see those lower Illinois auto loan rates.
Taking the time to hunt down the right lender can also help you snag a lower rate. While lenders will look at the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Morton Grove, IL — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. And, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Morton Grove, IL
myAutoloan wants to help you find the lowest auto loan rates in Morton Grove, IL no matter what type of car you're buying or your credit score. We'll present you with up to four loans at once so you can get the right deal. Fill out our secure online application, choose the best loan for you, and purchase a new ride from your {City}} dealer. Apply now to check today's lowest interest rates!