How Are Niles, IL Auto Loan Rates Determined?
Many factors influence your Illinois auto loan 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 poor credit score, low income, or buying an older vehicle from a dealer in Niles could lead to a higher interest rate. But what's so bad about a high interest rate? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over the life of your loan. Just one or two percent more could mean spending hundreds more overall.
How Do I Get a Lower Car Loan Interest in Niles, IL?
With tools like our Interest Rate Estimator, you can get a feel for what your rate could be before you start applying for auto loans in Niles, IL. If you've filled out your information and aren't happy with the percentage you see, what can be done to lower it?
The loan term is one thing you have a lot of control over. Most car loans in Niles are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers take longer terms because they usually have a lower monthly payment. But longer terms tend to also come with higher interest rates. If you can afford a higher monthly payment, it's smart 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 determine what you can afford.
If you have less than ideal credit, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and how you can quickly bring it up. It may take some time and work to better your credit score, but it's worth it for those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you snag a lower rate. While lenders will use the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Niles, IL — even without a high income or credit score. You don't want to go with the first offer you receive because a better one could be right around the corner. And, some lenders allow for negotiation, so you can take an offer from one lender to another to see if they're willing to beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Niles, IL
myAutoloan wants to help you find the lowest auto loan rates in Niles, 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 head down to a dealer in Niles to purchase a new ride. Apply today to see the current lowest interest rates!