How Are Westmont, IL Car Loan Rates Determined?
Several factors affect your Illinois car loan interest rate, including the loan amount, your credit score, your income, the down payment, your loan's term (the length of the loan), and the car's age. A high debt-to-income ratio, low credit score, or purchasing an older car from a dealer in Westmont might lead to a higher interest rate. But why worry about a high interest rate? The higher your interest rate gets, the more you pay each month and the more you spend in total. A difference of just one or two percent could mean spending hundreds more on interest.
Can I Lower My Car Loan Rate in Westmont, IL?
Using tools like our Interest Rate Estimator can help you get an idea of what your rate might be before you begin applying for auto loans in Westmont, IL. If you've put in your information and aren't liking the percentage you see, what steps can you take to lower it?
The loan term is one factor you have total control over. Most auto loans in Westmont are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Many borrowers are drawn in by longer terms because they typically have a lower monthly payment. However, longer terms also tend to come with higher interest rates. If you can afford a higher monthly payment, it's wise to choose a shorter term. The Auto Payment Calculator estimates what your monthly payment could be with different interest rates and terms to help you figure out what might work for your budget.
If your credit is far from great, boosting your score could decrease your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and the steps you can take now to raise it quickly. It may take some time and work to better your credit score, but it's worth it to get those lower Illinois car loan rates.
Waiting to find the right lender can also help you get a lower rate. While lenders will use 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 Westmont, IL — even without a high income or credit score. You don't want to go with the first offer you receive because there might be a better one just around the corner. And, some lenders will negotiate, so you can take an offer from one lender to the other to see if they can beat the interest rate.
Use myAutoloan to Check the Best Auto Loan Rates in Westmont, IL
myAutoloan wants to help you find the lowest auto loan rates in Westmont, IL regardless of your credit score and the type of car you're buying. You can look at up to four loans at once so you can find the best deal. Simply complete our secure online application, select the best loan for you, and visit your Westmont dealer to purchase a new car. Apply now to see today's lowest interest rates!