How Are Northfield, IL Car Loan Rates Determined?
A handful of factors contribute to your Illinois car loan 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 Northfield 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 bill is and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more overall.
Is There a Way to Lower My Northfield Car Loan Rate?
You can use tools like our Interest Rate Estimator to get an idea of what your rate might be before you start applying for auto loans in Northfield, IL. If you've supplied your information and are unhappy with the percentage you see, what steps can you take to lower it?
The loan term is one thing you have total control over. Most auto loans in Northfield have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Longer terms will tempt many borrowers because they usually mean a lower monthly payment. But longer terms tend to also 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 shows what your monthly payment might be depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than ideal credit, increasing your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a 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'll be worth it once you see those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you get a lower rate. While lenders will consider the same information, you won't receive the same interest rate from each one. You need to shop around and compare offers to find the best auto loan rate in Northfield, IL — even if you don't have the best credit or income. You shouldn't go with the first offer you receive because there might be a better one just around the corner. Keep in mind some lenders are open to 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 Northfield, IL
myAutoloan is here to help you get the lowest auto loan rates in Northfield, IL no matter your credit score or the type of car you're buying. You can see up to four loans at once so you can find the best deal. Complete our secure online application, select the best loan for you, and visit your Northfield dealer to purchase a new car. Apply now to see today's lowest interest rates!