How Are Car Loan Rates in Wood River, IL Calculated?
Many factors impact your Illinois auto loan interest rate, including the loan amount, your credit score, your income, the age of the car, the down payment, 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 Wood River dealership might lead to a higher interest rate. But what's so bad about a high interest rate? The higher your interest rate is, the higher your monthly bill is and the more you spend over your loan’s term. A difference of just one or two percent could mean spending hundreds more on interest.
How Do I Get a Lower Car Loan Interest in Wood River, IL?
You can use tools like our Interest Rate Estimator to get a feel for what your rate might look like before you begin applying for auto loans in Wood River, IL. If you've put in your information and are unhappy with the percentage you see, how can you lower?
The loan term is one factor you can change on your own. Most auto loans in Wood River are available with terms in 12-month increments between 2 years (24 months) and 7 years (84 months). Longer terms will tempt many borrowers because the monthly payment is usually lower. However, a longer term also tends to come with a higher interest rate. If you can afford a bigger monthly payment, it's smart 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 determine what might be affordable.
If you have less than stellar credit, raising your score could lower your interest rate. Use our Guide to Better Credit for Auto Financing to better understand what determines your credit score and which steps you can take to bring it up fast. It may take some effort and time to increase your credit score, 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 achieve a lower rate. While lenders will look at the same information, each one might give you a different interest rate. It's important to shop around and compare offers to find the best car loan rate in Wood River, 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 there could be a better one right around the corner. Don't forget some lenders leave room for negotiation, so you can take your offer from one lender to another to see if they're willing to give an even lower rate.
Discover the Best Auto Loan Rates in Wood River, IL with myAutoloan
myAutoloan is here to help you get the lowest auto loan rates in Wood River, IL no matter your credit score or the type of car you're buying. We'll show you up to four loans at once so you can find the right deal. Complete our secure online application, choose the loan that looks best to you, and head to your Wood River dealer to purchase a new ride. Apply now to see today's lowest interest rates!