What Determines Your Auto Loan Rate in Taylorville, IL?
Various factors influence your Illinois car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Taylorville dealer could lead to a higher interest rate. But why is a high interest rate bad? The higher your interest rate, the higher your monthly payment is 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 Can I Get a Lower Car Loan Rate in Taylorville, IL?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might be before you start applying for auto loans in Taylorville, 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 factor you have a lot of control over. Most Taylorville auto loans 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. However, a longer term also tends to come with a higher interest rate. If you can handle a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator shows your possible monthly payment with different terms and interest rates to help you determine what you might be able to afford.
If your credit is less than stellar, increasing your score could lower your interest rate. Our Guide to Better Credit for Auto Financing can help you understand where your credit score comes from and which steps you can take today to bring it up quickly. Your credit score will take some effort and time to build, but it's worth it for those lower Illinois auto loan rates.
Putting effort into finding the right lender can also help you achieve a lower rate. While lenders will use the same information, you won't see the same interest rate from each one. You need to compare offers and shop around for the best auto loan rate in Taylorville, IL — even without a high income or credit score. You shouldn't go with the first offer you receive because there might be a better one just 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 Taylorville, IL with myAutoloan
myAutoloan is committed to helping you find the lowest auto loan rates in Taylorville, IL no matter your credit score or 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, select the best loan for you, and head to your Taylorville dealer to purchase a new ride. Apply today to see the current lowest interest rates!