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Auto loans allow you to acquire a new vehicle, even if you have limited cash on hand. You may opt to line up a car loan at the time of purchase, though this can take a few hours of time. To accelerate the process, you can apply on the web for your car loan. There are professionals in your area, waiting to help you finance the car you need at a rate that’s reasonable.

Auto Finance Rates in Illinois

What will your rate of interest be? The reality is, your rate of interest differs widely based on your FICO score, among a number of other variables. The rates shown below are only for informational purposes. These aren’t advertisements, and your exact rate will vary.

Credit Rating New Car Pre-owned Car
Excellent 3.4% 3.6%
Good 5.0% 5.0%
Average 6.8% 6.8%
Subprime 8.7% 8.6%
Bad 13.0% 12.5%
Very Bad 13.4% 14.2%

Used Auto Loans in Illinois

Used autos are cheaper, but the loan rates are somewhat elevated as compared with new vehicles. However, used cars are a better value in the end, and they don’t lose their value so quickly. Have a look at the numbers below.

Years Old Price Rate Months Payment Interest Total
New $18,100 6.00% 60 $349.92 $2,895 $20,995
1 Year $14,480 7.50% 60 $290.15 $2,929 $17,409
2 Years $12,308 7.50% 60 $246.63 $2,490 $14,798
3 Years $10,462 7.50% 60 $209.63 $2,116 $12,578

Once it leaves the dealer lot, a new car or truck loses as much as a quarter of its value, and it keeps depreciating year after year. A car or truck that cost $18,100 new will be worth only about $10,462 after three years of ownership. In most cases, you can get a car loan for a car that’s up to a decade old. Mileage limits often apply.

Poor Credit Car Loans in Illinois

Nowadays, poor credit is far from unusual. Fundamentally, your FICO score is used a barometer of risk. In most cases, it’s best to speak with someone familiar with the process. Buy here pay hereloans are a second option. The downsides are appreciable: extortionate interest rates and inflexible terms. You’ll want to keep away from these dealerships if possible, and secure an auto loan on the web. This is the way most people nowadays get financed, and it’s significantly more economical in the end.

Contact an auto finance professional in your area today.

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