What Determines Your Auto Loan Rate in Roanoke, IL?
A handful of factors affect your Illinois car loan interest rate, Including your credit score, your income, the amount of the loan, the down payment, your loan's term (the length of the loan), and the car's age. A poor credit score, low income, or buying an older vehicle from a dealer in Roanoke might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the higher your monthly bill is and the more you spend over the term 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 Can I Get a Lower Car Loan Rate in Roanoke, IL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before having to apply for a car loan in Roanoke, IL. If you've plugged in your information and don't like the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most Roanoke car loans have terms in 12-month intervals ranging from 24 months (2 years) to 84 months (7 years). Many borrowers take longer terms because they usually mean a lower monthly payment. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, choosing a shorter term is a good move. The Auto Payment Calculator shows your possible monthly payment depending on different interest rates and terms to help you figure out what you might be able to afford.
If you have less than ideal credit, raising your score could bring your interest rate down. 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. Your credit score will take some effort and time to build, but it's worth it to get those lower Illinois car loan rates.
Taking some time 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. It's important to shop around and compare offers to find the best car loan rate in Roanoke, IL — even if you don't have the best credit or income. You don't want to go with the first offer you receive because a better one might be waiting just around the corner. And, 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.
See the Best Auto Loan Rates in Roanoke, IL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Roanoke, 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 simple and secure online application, select the best loan for you, and head down to a dealer in Roanoke to purchase a new ride. Apply now to check today's lowest interest rates!