How Are Car Loan Rates in Orland Park, IL Calculated?
Various factors affect your Illinois auto loan interest rate, including your income, your credits core, the loan amount, the down payment, the age of the car, 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 Orland Park might lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate is, the higher your monthly payment becomes and the more you spend over the life of your loan. A difference of one or two percent might not seem like much, but it could mean you spend hundreds more on interest.
How Do I Lower My Auto Loan Rate in Orland Park, IL?
Online tools like our Interest Rate Estimator will give you an idea of what your rate might be before you begin applying for auto loans in Orland Park, IL. If you've supplied your information and aren't happy with the percentage you see, what can you do to lower it?
The loan term is one thing you can control. Most car loans in Orland Park have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because the monthly payment is usually lower. However, longer terms also tend to come with higher interest rates. If you can afford a bigger monthly payment, it's better 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 determine what might work for your budget.
If your credit is less than stellar, boosting your score could lower your interest rate. Our Guide to Better Credit for Auto Financing walks you through what determines your credit score 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 for those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you secure a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Orland Park, IL — even without a high income or credit score. You shouldn't automatically choose the first offer you get because there might be a better one just around the corner. Keep in mind some lenders will negotiate, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
See the Best Auto Loan Rates in Orland Park, IL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Orland Park, IL regardless of what type of vehicle you're buying or your credit score. We'll show you up to four loans at once so you can find the perfect loan. Fill out our secure online application, pick the loan that works best for you, and head to your Orland Park dealer to purchase a new ride. Apply now to see today's lowest interest rates!