What Determines Your Auto Loan Rate in Quincy, IL?
Several factors influence your Illinois car loan interest rate, including your income, your credits core, the loan amount, the age of the car, the down payment, 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 Quincy could mean a higher interest rate. But is a high interest rate so bad? The higher your interest rate is, the higher your monthly bill is and the more you spend over the life of your loan. A difference of just one or two percent could mean spending hundreds more on interest.
Is There a Way to Lower My Quincy Car Loan Rate?
Using tools like our Interest Rate Estimator can help you get a feel for what your rate could be before having to apply for a car loan in Quincy, IL. If you've filled out 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 Quincy have terms ranging from 24 months (2 years) to 84 months (7 years) in 12-month intervals. 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 afford a bigger monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different interest rates and terms to help you determine what you might be able to afford.
If your credit is far from great, improving your score could help lower your interest rate. Our Guide to Better Credit for Auto Financing will help you understand what goes into a credit score and the steps you can take now to raise it quickly. It may take some effort and time to increase your credit score, but it's all worth it for getting those lower auto loan rates in Illinois.
Waiting to find the right lender can also help you secure a lower rate. While lenders will look at the same information, you won't receive the same interest rate from each one. It's important to shop around and compare offers to find the best car loan rate in Quincy, IL — even without a high income or credit score. You shouldn't go with the first offer you receive because there could be a better one right around the corner. Plus, 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.
Use myAutoloan to Check the Best Auto Loan Rates in Quincy, IL
myAutoloan wants to help you find the lowest auto loan rates in Quincy, IL regardless of what type of vehicle you're buying or your credit score. You can look at up to four loans at once so you can find the best deal. Complete our secure online application, choose the best loan for you, and visit your Quincy dealer to purchase a new car. Apply now to see today's lowest interest rates!