Compare New and Used Car Loan Rates in Oak Park, IL

Compare up to four Illinois lenders in minutes with myAutoloan! We want to help you find the best car loan rate for you, whether you're buying a car from a local Oak Park dealership or hoping to refinance an existing loan. Apply and see today's lowest rates!

Three things to know…

Today's Interest Rates

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Your Estimated Rate

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Your Payment

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More Information

What Determines Your Auto Loan Rate in Oak Park, IL?

Many factors impact your Illinois car loan rate, including your credit score, the amount of the loan, your income, 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 Oak Park dealer might lead to a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the more you pay each month and the more you spend in total. Even a rate one or two percent higher could mean spending hundreds more on interest.

How Can I Get a Lower Car Loan Rate in Oak Park, IL?

Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you complete an application for a car loan in Oak Park, IL. If you've plugged in your information and don't like the percentage you see, what can you do to lower it?

The loan term is one factor you can control. Most Oak Park car loans have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. Longer terms attract many borrowers because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows what your monthly payment might be with different terms and interest rates to help you decide what you can afford.

If your credit is less than stellar, boosting your score could bring your interest rate down. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take today to bring it up quickly. Your credit score may take some more time and work, 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 won't receive the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Oak Park, IL — even if you don't have the highest income or best credit. You don't want to choose the first offer you get because a better one could be right around the corner. Keep in mind some lenders leave room for negotiation, so you can take an offer from one lender to the other to see if they can beat the interest rate.

Find the Best Auto Loan Rates in Oak Park, IL with myAutoloan

myAutoloan wants to help you find the lowest auto loan rates in Oak Park, 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 get the right deal. Complete our secure online application, pick the loan that works best for you, and head down to a dealer in Oak Park to purchase a new ride. Apply today to see the current lowest interest rates!

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