My Car Lender

Home / Finance / Illinois Auto Finance / Bloomington (IL) Auto Loans


With cars priced so high these days, it is very tricky to get a vehicle with no loan. A lot of the time, automotive financing is arranged with the dealer’s help, but this can be a very time-consuming process. Normally, it’s a good idea to arrange your finance package ahead of time. This is especially helpful for people with below-average credit, as a variety of dealers and lending institutions will consider funding your loan, many of which are experts in bad credit lending scenarios.

Auto Loan Rates in Bloomington

Here we have rates you can expect at varying credit levels. These are not to be viewed as advertisements. Exact rates vary.

FICO Score 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 Car Loans in Bloomington

Options like zero percent auto loans and zero down payment are available on new cars for people with perfect credit. Then again, new autos lose value so quickly, used vehicles are typically a better value. You can finance a low-mileage used vehicle for a fraction of the cost of a brand new one.

Years Old Price Rate Months Payment Interest Total
New $19,250 6.00% 60 $372.16 $3,079 $22,329
1 Year $15,400 7.50% 60 $308.58 $3,115 $18,515
2 Years $13,090 7.50% 60 $262.30 $2,648 $15,738
3 Years $11,127 7.50% 60 $222.95 $2,251 $13,377

It’s possible to get a lot of car for the money if you don’t mind a pre-owned car. Loan providers charge higher rates for pre-owned vehicles, but in most cases, you only need 10% down, and the insurance premiums are less expensive.

Poor Credit Auto Loans in Bloomington

Usually, deals like zero down are out of the question if your credit score is less than 700. The higher your credit score, the wider array of options you’ll have. Fortunately, we know of lenders who are experts in non-prime credit situations.

In Bloomington, buy here pay here car dealers wind up catering to a large percentage of the bad credit demographic The drawbacks are sizeable, such as extravagant interest rates and arrays of stipulations.

Instead, our recommendation is that you look for the loan you need online. The rates are typically lower, the terms improved, and you have the opportunity to rebuild your credit in the process.

Best of all, you can submit your application online.

Can a Car Loan Improve Your Credit?

Over time, the payments made financing a car can bump up your credit score . But keep in mind that this is a step by step process. Most lenders offer automated bill-pay, which is key to keeping current on your payments.

Bloomington Resources

Credit Unions


[tboot_column size=”15″]

[tboot_table strip=”yes” border=”yes” hover=”yes” cols=”Credit Union,Street address,Zip Code,Phone” data=”Dupage,202 S Gary Ave,60108,(630) 894-2601,Selfreliance Ukrainian American,300 E Army Trail Rd,60108,(630) 307-0079,Bloomington Municipal,602 S Gridley St,61701,(309) 827-7266,Bloomington Postal Employees,1511 E Empire St,61701,(309) 663-5841,Citizens Equity First,2323 E Empire St,61704,(309) 663-7900,Funk Seeds Credit Union,1301 W Washington St,61701,(309) 823-9424,IWU,1312 N Park St,61701,(309) 556-3376,Iaa,PO BOX 2901,61702,(309) 557-2541,Iaa,1701 Towanda Ave,61701,(309) 557-3142,Iaa,808 Iaa Dr,61701,(309) 557-2541,Iaa,1711 Ge Rd,61704,(309) 821-2488,Mid-Illini,1811 Eastland Dr,61704,(309) 661-1166,Pantagraph Credit Union,217 W Jefferson St,61701,(309) 827-0788,State Farm,ONE STATE FARM PLAZA SB-1,61710,(309) 766-6001,State Farm,3 State Farm Pl,61791,(309) 763-5626,State Farm,1 State Farm Pl,61791,(309) 766-6001,State Farm,2702 Ireland Grove Rd,61704,(309) 722-6837,United Methodist Ministries,510 E Washington St #302,61701,(309) 827-8636,United Methodist Ministries,510 E Washington St,61701,(309) 827-8636″][/tboot_table]