Compare Current Auto Loan Rates in Pekin, IL

With myAutoloan, you can compare up to four lenders in minutes! It's easy to find and compare the best auto loan rates in Pekin, IL, whether you're buying a used or new vehicle or refinancing an existing loan. Apply now to 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 Pekin, IL?

Many factors impact your Illinois car loan 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 high debt-to-income ratio, poor credit score, or choosing an older vehicle at your Pekin dealership could result in a higher interest rate. But is a high interest rate so bad? The higher of an interest rate you have, the higher your monthly payment becomes and the more you spend over your loan’s term. Just one or two percent more could mean spending hundreds more overall.

Can I Lower My Car Loan Rate in Pekin, IL?

Online tools like our Interest Rate Estimator will give you a feel for what your rate could be before you complete an application for a car loan in Pekin, IL. If you've filled out your information and aren't liking the percentage you see, what can you do to lower it?

The loan term is one thing you have a lot of control over. Most auto loans in Pekin have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Longer terms attract many borrowers because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If your budget allows for a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you decide what you might be able to afford.

If you have less than ideal credit, boosting 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 how you can quickly bring it up. 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.

Waiting to find the right lender can also help you snag a lower rate. While lenders will use the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Pekin, 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 there could be a better one right around the corner. Keep in mind some lenders leave room 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 Pekin, IL with myAutoloan

myAutoloan is here to help you get the lowest auto loan rates in Pekin, IL no matter what type of car you're buying or your credit score. We'll show you up to four loans at once so you can find the right deal. Simply complete our secure online application, choose the best loan for you, and visit your Pekin dealer to purchase a new car. Apply now to see today's lowest interest rates!

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