How Are Car Loan Rates in Morton, IL Calculated?
A handful of factors influence your Illinois auto loan rate, including the loan amount, your credit score, your income, the car's age, the down payment, and the length of the loan (your loan's term). A high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Morton dealership could mean a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate, 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.
Is There a Way to Lower My Morton Car Loan Rate?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you start applying for auto loans in Morton, IL. If you've filled out your information and aren't liking the percentage you see, how can you lower?
The loan term is one factor you can control. Most auto loans in Morton 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 handle a higher monthly payment, it's smart to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be based on different interest rates and terms to help you figure out what you can afford.
If your credit is less than stellar, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, but it's worth it to get those lower Illinois car loan rates.
Taking the time to hunt down the right lender can also help you get a lower rate. While lenders will use 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 Morton, 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 there could be a better one right around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the next to see if they'll beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Morton, IL
myAutoloan is committed to helping you find the lowest auto loan rates in Morton, IL regardless of what type of vehicle you're buying or your credit score. You can see up to four loans at once so you can get the right deal. Fill out our simple and secure online application, choose the best loan for you, and head down to a dealer in Morton to purchase a new ride. Apply now to see today's lowest interest rates!