What Determines Your Auto Loan Rate in Tinley Park, IL?
A handful of factors influence your Illinois car loan interest rate, Including your credit score, your income, the amount of the loan, 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 Tinley Park dealership might lead to 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 is and the more you spend over the life of your loan. Even a rate one or two percent higher could mean you spend hundreds more on interest.
Can I Lower My Car Loan Rate in Tinley Park, IL?
With tools like our Interest Rate Estimator, you can get an idea of what your rate might look like before you complete an application for a car loan in Tinley Park, IL. If you've put in your information and aren't liking the percentage you see, what can be done to lower it?
The loan term is one thing you can change on your own. Most auto loans in Tinley Park have terms in 12-month increments between 24 months (2 years) and 84 months (7 years). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. But longer terms are also likely to come with higher interest rates. If you can afford 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 terms and interest rates to help you determine what might be affordable.
If your credit is far from great, improving your score could help lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and how you can quickly bring it up. 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.
Taking the time to hunt down the right lender can also help you achieve a lower rate. While lenders will consider 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 Tinley Park, IL — even without the best credit or income. You shouldn't automatically choose the first offer you get because there could be a better one right around the corner. And, 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 Tinley Park, IL with myAutoloan
myAutoloan wants to help you find the lowest auto loan rates in Tinley Park, IL no matter what type of car you're buying or your credit score. We'll present you with 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 purchase a new ride from your {City}} dealer. Don't wait to apply and check today's lowest interest rates!