How Are Oak Lawn, IL Car Loan Rates Determined?
Several factors influence your Illinois car loan interest rate, Including your credit score, your income, the amount of the loan, the age of the car, the down payment, and your loan's term (the length of the loan). A low credit score, high debt-to-income ratio, or purchasing an older vehicle from your Oak Lawn dealer could mean a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean you spend hundreds more on interest.
How Can I Get a Lower Car Loan Rate in Oak Lawn, IL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might look like before you begin applying for auto loans in Oak Lawn, 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 factor you can control. Most Oak Lawn auto loans 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 typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payments might look like based on different interest rates and terms to help you figure out what you might be able to afford.
If your credit is far from great, improving your score could decrease your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it for those lower Illinois auto loan rates.
Waiting to find the right lender can also help you snag a lower rate. While lenders will consider 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 Oak Lawn, 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 might be waiting just around the corner. Keep in mind 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.
Find the Best Auto Loan Rates in Oak Lawn, IL with myAutoloan
myAutoloan is dedicated to helping you find the lowest car loan rates in Oak Lawn, IL regardless of your credit score and the type of car you're buying. You can see up to four loans at once so you can find the perfect loan. Simply complete our secure online application, pick the loan that works best for you, and visit your Oak Lawn dealer to purchase a new car. Don't wait to apply and check today's lowest interest rates!